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| Gold Price Slips |
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| Date: 23-Jul-2010 |
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The price of gold slipped yesterday and could revisit its weakest level in two months as investors sold bullion to cover equity losses ahead of Europe's bank stress test results this week.
The price of gold has fallen more than 6 percent since hitting a lifetime high of about $1,264 an ounce in late June on worries that the debt crisis in Europe could spread. But dealers expected more losses if the results show generally positive results for Greece, Italy and Ireland.
“If it's positive for risk assets, it would definitely dent demand for gold. I will look on the downside of probably $1,175 but I don't see it dropping below that,” said Ong Yi Ling, investment analyst at Phillip Futures in Singapore.
"It wouldn't be too significant because people are really looking towards that big event at the end of the week." Comments from Federal Reserve Chairman, Ben Bernanke that the US economy faced "unusually uncertain" prospects also weighed on gold, but spurred a rally in bonds.
In the physical sector, jewelers waited for more declines in prices after snapping up gold bars earlier this week ahead of the festive seasons in India and Indonesia, but dealers in Tokyo saw steady demand from the electronics sector.
Stocks dropped across Asia on concerns about the health of the US economy while the euro regained strength on growing optimism that major banks could pass the EU stress tests.
US gold futures for August delivery fell 0.55 percent to $1,185.3 an ounce. |
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| Source: Reuters |
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