{"id":15662,"date":"2011-11-24T05:53:00","date_gmt":"2011-11-24T05:53:00","guid":{"rendered":"https:\/\/www2.thestockmarketwatch.com\/stock-market-news\/gold-prices-settle-below-1700\/15661\/"},"modified":"2011-11-24T05:53:00","modified_gmt":"2011-11-24T05:53:00","slug":"gold-prices-settle-below-1700","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/gold-prices-settle-below-1700\/15662\/","title":{"rendered":"Gold Prices Settle Below $1,700"},"content":{"rendered":"<p><script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"ca-pub-1408583772585547\";\n\/* SMW - News Links *\/\ngoogle_ad_slot = \"3490797620\";\ngoogle_ad_width = 468;\ngoogle_ad_height = 15;\n\/\/-->\n<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script><\/p>\n<p><!--Ad Injection mfunc mode ad include code--><br \/>\n<!--mfunc include_once('\/mnt\/Target01\/327806\/www.thestockmarketwatch.com\/web\/content\/stock-market-news\/wp-content\/plugins\/ad-injection\/adshow.php') --><br \/>\n<!--\/mfunc--><\/p>\n<p><a href=\"https:\/\/thestockmarketwatch.com\/metal\/gold-price.aspx\">Gold prices<\/a> fell in trading on Wednesday, tracking equity markets, which fell on worries about global economic growth and the ongoing debt crisis in the euro zone.<\/p>\n<p><span id=\"more-15662\"><\/span><\/p>\n<p>Michael Matousek, Senior Trader at U.S. Global Investors Inc., told CNBC that it is a typical risk-off trade. Matousek also said that there are still macroeconomic concerns and losses across markets are correlated. He added that a lot of people don\u2019t want to own anything but only in cash and dollars.<\/p>\n<p><!--mfunc adshow_display_ad_file_v2(array('ad_random_1.txt'), array(100), array('align' => 'float right', 'clear' => '', 'margin_top' => '', 'margin_bottom' => '', 'padding_top' => '', 'padding_bottom' => ''), array(), array()) --><\/p>\n<div style=\"float:right;margin-left:5px;\"><script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"ca-pub-1408583772585547\";\n\/* SMW - in News 300 *\/\ngoogle_ad_slot = \"5684630733\";\ngoogle_ad_width = 300;\ngoogle_ad_height = 250;\n\/\/-->\n<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script><\/div>\n<p><!--\/mfunc--><\/p>\n<p>On Tuesday, <a href=\"https:\/\/thestockmarketwatch.com\/metal\/gold-price.aspx\">gold prices<\/a> had risen on buying related to options\u2019 expiration. However, prices once again slipped on Wednesday as there was not follow-through demand for the precious metal from investors.<\/p>\n<p>Technical analysts continue to have a weak outlook on <a href=\"https:\/\/thestockmarketwatch.com\/metal\/gold-price.aspx\">gold<\/a> as it is trading below its 100-day moving average. However, fundamental factors do point to gains in the medium-term.<\/p>\n<p>On Wednesday, <a href=\"https:\/\/thestockmarketwatch.com\/metal\/gold-price.aspx\">spot gold<\/a> fell 0.6% to $1,690.20 an ounce. It fell to a session low of $1,679.59 on Wednesday. Meanwhile, <a href=\"https:\/\/thestockmarketwatch.com\/metal\/gold-price.aspx\">gold<\/a> <a href=\"https:\/\/thestockmarketwatch.com\/markets\/commodities\/today.aspx\">futures<\/a> for delivery in December on the Comex division of the New York Mercantile Exchange dropped $6.50 to settle at $1,695.20 an ounce. U.S. Global Investors\u2019 Matousek told CNBC that if <a href=\"https:\/\/stockmarketwatch.com\/metal\/gold-price.aspx\" data-internallinksmanager029f6b8e52c=\"4\" title=\"gold price today\">gold<\/a> falls to the $1,600 level, he would not be surprised to see a rebound there because investors with deep pockets will be stepping in.<\/p>\n<p>Robin Bhar, analyst at Credit Agricole, told CNBC that there is some post-options expiry selling coming through. Bhar said that the turmoil still going in the financial markets and the euro dollar swap rates are still fairly high and gold may still be a casualty of that. However, Bhar added that fundamental backdrop for gold remains positive. He said that the bullish factors for gold have not really disappeared, it is more positioning pushing it down.<\/p>\n<p>Meanwhile, recent data has shown that holdings of gold in <a href=\"https:\/\/thestockmarketwatch.com\/markets\/etfs\/today.aspx\">ETFs<\/a> backed by the metal have risen more than a million ounces in last week. This is the biggest weekly rise in early August. According to Reuters, total holdings of metal at the major ETFs are up 2 million ounces this month. This is the highest inflow since July\u2019s 2.95 million ounce.<\/p>\n<p>On Wednesday, the SPDR Gold Trust (ETF) (<a href=\"https:\/\/thestockmarketwatch.com\/markets\/nyse\/today.aspx\">NYSE<\/a>: GLD) ended 0.29% lower at $164.83, while iShares Gold Trust (ETF) (<a href=\"https:\/\/thestockmarketwatch.com\/stock.aspx?stock=iau\">NYSE: IAU<\/a>) ended 0.24% lower at $16.54. The Market Vectors ETF Trust (<a href=\"https:\/\/thestockmarketwatch.com\/stock.aspx?stock=gdx\">NYSE: GDX<\/a>) ended 2.72% lower at $55.49 on Wednesday.<\/p>\n<p>Gold prices fell on Wednesday as worries about the euro zone debt crisis sparked a sell-off in global equity markets. On Wednesday, yields on Spanish and Italian, two of the struggling euro zone economies, remained high despite intervention from the European Central Bank (ECB). Investors were also disappointed after Germany, the strongest euro zone economy, saw a weak response to a 10-year bond auction.<\/p>\n<p>German <a href=\"https:\/\/thestockmarketwatch.com\/markets\/bonds\/today.aspx\">bonds<\/a> are considered a safe haven investment and therefore the poor reception of the bond auction is a major worry. Some analysts said that the weak response may have been due to the negative real returns on German <a href=\"https:\/\/thestockmarketwatch.com\/markets\/bonds\/today.aspx\">bonds<\/a>.<\/p>\n<p>The crisis in the euro zone has boosted demand for German bonds, pushing down yields to exceptionally low level.<\/p>\n<p>Investors were also worried about global economic growth after data from Europe and China painted a gloomy picture of the global economy. On Wednesday, a report showed that manufacturing activity in China fell to a 32-month low in November. The weak manufacturing data from China, the world\u2019s fastest growing major economy, also pushed industrial <a href=\"https:\/\/thestockmarketwatch.com\/markets\/commodities\/today.aspx\">commodities<\/a> lower. China is the world\u2019s largest consumer of raw materials and any signs of weakness there is not a good sign for industrial <a href=\"https:\/\/thestockmarketwatch.com\/markets\/commodities\/today.aspx\">commodities<\/a>.<\/p>\n<p>On Wednesday, <a href=\"https:\/\/thestockmarketwatch.com\/metal\/silver-price.aspx\">silver prices<\/a> fell 2.9% to $31.75 an ounce, platinum fell 1.5% to $1,542.49 an ounce and palladium fell 3.4% to $581.22 an ounce.<\/p>\n<p>Economic data released in the U.S. on Wednesday, meanwhile, painted a mixed picture of the U.S. economy.<\/p>\n<p>Suki Cooper, precious metals analyst at Barclays Capital, told CNBC that the economic data in the U.S. had little impact on gold and that the euro zone debt crisis and the deficit stalemate in the U.S. would remain the focus for the market.<\/p>\n<p>More Posts by this author<\/p>\n<ul>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/market-updates\/stocks-end-lower-on-persistent-euro-zone-worries\/15725\"><br \/>\nStocks End Lower on Persistent Euro Zone Worries<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/jp-morgan-chase-purchases-lme-stake-from-mf-global\/15720\"><br \/>\nJP Morgan Chase Purchases LME Stake from MF Global<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/netflix-avoids-class-action-lawsuit-in-wal-mart-case\/15719\"><br \/>\nNetflix Avoids Class Action Lawsuit In Wal-Mart Case<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/gap-eyeing-chinese-markets-for-international-growth\/15718\"><br \/>\nGAP Eyeing Chinese Markets For International Growth<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/german-merck-demands-back-facebook-page\/15717\"><br \/>\nGerman Merck Demands Back Facebook Page<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/market-updates\/stocks-shed-early-gains-headed-for-a-mixed-finish\/15711\"><br \/>\nStocks Shed Early Gains; Headed for a Mixed Finish<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/china-to-probe-u-s-renewable-energy-policy\/15710\"><br \/>\nChina to Probe U.S. Renewable Energy Policy<\/a><\/li>\n<\/ul>\n<hr>\n<table style=\"border:none;margin:0;\">\n<tr>\n<td style=\"padding:5px;vertical-align:top;\" valign=\"top\">\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www2.thestockmarketwatch.com\/stock-market-news\/wp-content\/uploads\/2024\/08\/5.jpg\" alt=\"edliston\" width=\"125\" height=\"125\" class=\"photo\"><\/td>\n<td style=\"padding:5px;vertical-align:top;\" valign=\"top\">\n<div style=\"font-size:11pt;\"><b>Post Written By: Ed Liston <\/b><\/div>\n<div style=\"font-size:10pt;\">\n<p>Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.\n<\/p><\/div>\n<\/td>\n<\/tr>\n<\/table>\n<p><script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"pub-1408583772585547\";\n\/* 336x280, created 7\/9\/11 *\/\ngoogle_ad_slot = \"3552319058\";\ngoogle_ad_width = 336;\ngoogle_ad_height = 280;\n\/\/-->\n<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script><\/p>\n<div style=\"margin:5px;margin-bottom:20px;font-size:11pt;\">&laquo; <a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/\">Return to Stock Market News<\/a> &laquo; <\/div>\n","protected":false},"excerpt":{"rendered":"<p>Gold prices fell in trading on Wednesday, tracking equity markets, which fell on worries about global economic growth and the [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":50312,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"rank_math_schema_Article":[],"rank_math_focus_keyword":[],"rank_math_description":[],"financial_data_references":[],"stock_symbols_mentioned":[],"footnotes":""},"categories":[3],"tags":[901,1969,1970],"class_list":["post-15662","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","tag-gldd","tag-gdx","tag-iau"],"_links":{"self":[{"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/posts\/15662","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/comments?post=15662"}],"version-history":[{"count":0,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/posts\/15662\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/media\/50312"}],"wp:attachment":[{"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/media?parent=15662"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/categories?post=15662"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/tags?post=15662"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}