{"id":607,"date":"2008-07-30T17:20:39","date_gmt":"2008-07-30T21:20:39","guid":{"rendered":"http:\/\/club.ino.com:80\/trading\/?p=607"},"modified":"2008-07-31T09:59:26","modified_gmt":"2008-07-31T13:59:26","slug":"gold-ends-down-but-off-5-wk-lows-eyes-us-data","status":"publish","type":"post","link":"https:\/\/wwwtest.ino.com\/blog\/2008\/07\/gold-ends-down-but-off-5-wk-lows-eyes-us-data\/","title":{"rendered":"Gold ends down but off 5-wk lows, eyes US data"},"content":{"rendered":"<p>By Frank Tang &amp; Jon Harvey<\/p>\n<p>NEW YORK\/LONDON (Reuters) - Gold ended 1 percent lower on Wednesday as the dollar climbed, oil prices feel and U.S. stocks rose, denting the precious metal's appeal.<\/p>\n<p>Gold was at 918.80\/920.30 by New York's last quote at 2:15 p.m. EDT, down from $928.45\/929.65 late in New York on Monday.<img loading=\"lazy\" decoding=\"async\" class=\"alignright\" style=\"float: right;\" src=\"\/\/www.monex.com\/images\/photos\/prodGold01.jpg\" alt=\"\" width=\"272\" height=\"224\" \/><\/p>\n<p>Gold's decline was \"pretty much forex related, and oil is coming down,\" said senior Commerzbank trader Michael Kempinski. \"We need to see come stronger commodities in general, and a stronger euro, to push gold higher again.\"<\/p>\n<p>The dollar rose to its highest level in a month against major currencies, pressuring bullion prices. Gold tends to move in the opposite direction of the U.S. currency, as it is often bought as an alternative investment.<\/p>\n<p>Declining oil prices also dragged gold, as signs of weakening demand for crude and a rising dollar outweighed the supply threat linked to tensions in Iran and Nigeria. U.S. crude futures ended $2.54 lower at $122.19 a barrel.<\/p>\n<p>Gold also dipped as U.S. stocks ticked up, dampening interest in the precious metal as an alternative investment.<\/p>\n<p>\"When crude oil goes down, gold also goes down with the stock market going up. Everyone is watching that correlation,\" said Adam Hewison, president of <a href=\"http:\/\/www.marketclub.com\">MarketClub.com<\/a> in Annapolis, Maryland.<\/p>\n<p>Hewison said gold should find support at current levels, but the $905 to $912 an ounce area represented a key support area. Should bullion fail to hold there, prices could test the lows set in June below $860 an ounce, he said.<\/p>\n<p>Absent significant moves in oil and the dollar, gold prices should remain rangebound, analysts said, with physical buying muted during the low-demand summer season and exchange-traded funds' holdings steadying after recent gains.<\/p>\n<p>U.S. gold futures for August delivery settled down $11.20, or 1.2 percent, at $916.50 an once on the COMEX division of New York Mercantile Exchange.<\/p>\n<p>Gold traders awaited release of U.S. economic data this week, including GDP numbers on Thursday and nonfarm payross, construction spending and auto sales data on Friday. These reports could have a significant impact on the dollar.<\/p>\n<p>Traders also looked ahead to Wednesday's oil inventory data from the U.S. Department of Energy.<\/p>\n<p>\"The consensus is looking for another drop of crude oil inventories, which might provide some support for crude oil and thus also for gold,\" said Dresdner Kleinwort analyst Peter Fertig.<\/p>\n<p>Among other precious metals, spot platinum hit its highest level in almost a week at $1,775 an ounce, then retreated to end at $1739.00, down from $1,739.00\/1,759.00, down from $1,763.00\/1,783.00 late in New York on Monday.<\/p>\n<p>Spot palladium was at $380.50\/388.50, unchanged from late in New York on Monday. Silver fell to $17.35\/17.41 an ounce from $17.46\/17.52 late in New York on Monday.<\/p>\n<p>---<\/p>\n<p>See original Reuter's article here: <a href=\"http:\/\/www.guardian.co.uk\/business\/feedarticle\/7690017\">http:\/\/www.guardian.co.uk\/business\/feedarticle\/7690017<\/a><\/p>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>By Frank Tang &amp; Jon Harvey NEW YORK\/LONDON (Reuters) - Gold ended 1 percent lower on Wednesday as the dollar climbed, oil prices feel and U.S. stocks rose, denting the precious metal's appeal. Gold was at 918.80\/920.30 by New York's last quote at 2:15 p.m. EDT, down from $928.45\/929.65 late in New York on Monday. [&hellip;]<!-- AddThis Advanced Settings generic via filter on get_the_excerpt --><!-- AddThis Share Buttons generic via filter on get_the_excerpt --><\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[23,309,307,308,306],"class_list":["post-607","post","type-post","status-publish","format-standard","hentry","category-general","tag-gold","tag-gold-anlaysis","tag-precious-metals","tag-spot-metals","tag-support-level"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v23.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Gold ends down but off 5-wk lows, eyes US data - INO.com Trader&#039;s Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ino.com\/blog\/2008\/07\/gold-ends-down-but-off-5-wk-lows-eyes-us-data\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gold ends down but off 5-wk lows, eyes US data - INO.com Trader&#039;s Blog\" \/>\n<meta property=\"og:description\" content=\"By Frank Tang &amp; Jon Harvey NEW YORK\/LONDON (Reuters) - Gold ended 1 percent lower on Wednesday as the dollar climbed, oil prices feel and U.S. stocks rose, denting the precious metal&#039;s appeal. 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