gold may retreat as rebounding equities
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Gold may retreat as rebounding equities

Arab Today, arab today

Arab Today, arab today Gold may retreat as rebounding equities

Washington - Arabstoday

Gold may fall in New York as higher equities and a strengthening dollar curbed demand for the metal as an alternative asset.The dollar was little changed after this week climbing to the highest level since February against six major currencies. European stocks rose for a second day amid speculation China may still support the region even after Premier Wen Jiabao said indebted countries must not rely on bailouts. Gold, which reached a record $1,923.70 an ounce on Sept. 6, yesterday fell below $1,800 as some investors sold the metal to cover losses in equity markets.“Most of the move in gold has been to do with risk aversion and the recent move has been to do with the dollar,” Carole Ferguson, an analyst at Fairfax IS in London, said today by phone. Still, “we don’t know how sustained this rebound will be” in equities, and lower stocks in the long run will support gold, she said.Gold for December delivery fell $7.80, or 0.4 percent, to $1,822.30 an ounce by 8:11 a.m. on the Comex in New York. Immediate-delivery gold was 0.8 percent lower at $1,818.93 in London.Bullion is in the 11th year of a bull market, the longest winning streak since at least 1920 in London, as investors seek to diversify away from equities and some currencies. The metal is up 28 percent this year, outperforming global stocks, commodities and Treasuries.Moody’s Investors Service lowered credit ratings for Societe Generale SA and Credit Agricole SA, two of France’s three largest banks by assets. French lenders top the list of Greek creditors with $56.7 billion in exposure to private and public debt, according to a June report by the Bank for International Settlements.Greek Prime Minister George Papandreou holds a conference call with German Chancellor Angela Merkel and French President Nicolas Sarkozy today to discuss developments in his nation and the euro area. Merkel has said she won’t let Greece fall into “uncontrolled insolvency” because the risk of contagion for the other euro-zone countries “is very big.”“There’s going to be a lot of volatility,” Richard O’Brien, chief executive officer of Newmont Mining Corp., the largest U.S. gold producer, said in a Bloomberg Television interview. “That’s the key point, up but volatile. I don’t think there’s a lot of downside. Gold’s going to trade more and more like a currency instead of like a commodity.”Silver for December delivery in New York fell 0.7 percent to $40.89 an ounce. Platinum for October delivery was up 0.2 percent at $1,817.20 an ounce. Palladium for December delivery declined 0.9 percent to $722.05 an ounce.Platinum is trading close to parity with gold. An ounce of platinum bought 1.18 ounces of gold on average this year in London, down from 1.32 ounces in 2010. The ratio last month fell to the lowest level in almost two decades.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

gold may retreat as rebounding equities gold may retreat as rebounding equities

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

gold may retreat as rebounding equities gold may retreat as rebounding equities

 



GMT 01:34 2017 Sunday ,19 February

Dashti loses last hope to run in Kuwait’s elections

GMT 03:38 2017 Saturday ,18 November

England and Australia set for clash of the titans

GMT 08:21 2017 Monday ,06 March

Iran indicts nuclear negotiator, holds

GMT 09:14 2017 Sunday ,12 November

Crown Prince congratulates Moroccan King

GMT 12:33 2017 Monday ,07 August

European stocks buoyed by bright US jobs data

GMT 10:03 2017 Wednesday ,22 February

Actress Nadeen Najim confident of "Haiba" success

GMT 19:54 2017 Friday ,11 August

Credit Suisse bars trades on some Venezuelan bonds

GMT 20:14 2016 Tuesday ,18 October

Iran Air Force begins large-scale drills

GMT 05:29 2017 Thursday ,13 April

Greece completes sale of 14 airports

GMT 11:24 2017 Thursday ,06 April

Dora is absent from Ramadan Dramas

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90

GMT 01:35 2017 Wednesday ,09 August

Russia Foreign Minister to Visit Japan in Fall

GMT 14:19 2017 Thursday ,19 January

Hana Shiha started working in two new TV series

GMT 05:24 2016 Thursday ,23 June

Emirates Academy is a leading centre

GMT 16:01 2016 Thursday ,09 June

China’s imports fall slows in May
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday