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Eye on Equities February 07, 2014 03:33:36 AM

Gold Price Fell Slightly as US Equities Strengthens

Paul Ploumis
ScrapMonster Author
Gold prices on Thursday went for a fall as the US equities showed slight strengthening. But the fall was however limited as the Euro gained and Dollar slowed down.

Gold Price Fell Slightly as US Equities Strengthens

NEW YORK (Scrap Monster) : Gold prices on Thursday went for a fall as the US equities showed slight strengthening. But the fall was however limited as the Euro gained and Dollar slowed down. It also reflected the caution for the reports of the US nonfarm payrolls. Gold was found to increase initially on a stronger Euro when Mr. Mario Draghi, the president of European Central bank said that there will be no Euro deflation problem.

Gold witnessed a slowdown afterwards as the equities market strengthened and dollar weakened. According to Mr. David Meger, the Director of metals trading at Chicago futures brokerage Vision Financial, the gold price continues to go down mainly as it is awaiting the US nonfarm payrolls report that will be released tomorrow.

Spot gold declined 30 cents at $1,257.35 an ounce on Wednesday and gold climbed about 2 % to a near two-week high of above $1,270 that reflects a weak U.S ADP private-sector job report. It quickly fell back from that point. April delivery gold futures on U.S. COMEX index maintained at 30 cents at $1,257.20 an ounce. Trading volume was only 85,000 lots, about 55 % down its 250-day average. 

 

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