Gold Extends Slide to Lowest in Week as Silver, Platinum Decline

Gold fell to the lowest level in a week as assets in the largest exchange-traded product backed by the metal shrank to the smallest in more than six years. Silver, platinum and palladium decreased.

Bullion for immediate delivery lost as much as 1 percent to $ 1,185.82 an ounce, and traded at $ 1,190.35 by 1:29 p.m. in Singapore, extending yesterday’s 0.3 percent drop, according to Bloomberg generic pricing. Holdings in the SPDR Gold Trust fell yesterday for the first time in a week to 718.82 metric tons, the least since September 2008.

Gold rose to $ 1,207.93 on Nov. 21, the highest since Oct. 30, after China joined Japan and Europe in taking steps to spur growth by unexpectedly cutting interest rates. The metal is on course to snap two months of losses as central banks around the world ease monetary policy at a time when the Federal Reserve moves closer to an increase in borrowing costs.

Source: Bloomberg


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Sumber : bpfnews.com

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