Gold heads for third week of decline in global market

Gold rebounded from Thursday’s drop of 2.6 percent but is headed for a third straight week of decline as investors worried over slower growth prospects sold the precious metal after losses in the equities and commodities markets.

FUNDAMENTALS
* U.S. gold futures GCcv1 were at $1,749.20, up 0.4 percent by 0059 GMT, but traded below the key $1,800 level for a
seventh day.
* On Thursday, U.S. gold futures posted their steepest losses in a month.
* Spot gold gained 0.4 percent to $1,742.99 an ounce by 0046 GMT. Prices are up 17 percent so far this quarter, set
for the best-performing three-month period in 25 years.
* Americans filed fewer new claims for jobless benefits last week but the decline was not enough to dispel worries the
economy was dangerously close to falling into a new recession. – Reuters

Posted by VBN on Sep 23 2011. Filed under Gold. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry