{"id":21181,"date":"2012-02-18T04:32:00","date_gmt":"2012-02-18T04:32:00","guid":{"rendered":"https:\/\/www2.thestockmarketwatch.com\/stock-market-news\/gold-prices-slip\/21180\/"},"modified":"2012-02-18T04:32:00","modified_gmt":"2012-02-18T04:32:00","slug":"gold-prices-slip","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/gold-prices-slip\/21181\/","title":{"rendered":"Gold Prices Slip"},"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--><!--mfunc include_once('\/mnt\/Target01\/327806\/www.thestockmarketwatch.com\/web\/content\/stock-market-news\/wp-content\/plugins\/ad-injection\/adshow.php') --><!--\/mfunc--><\/p>\n<p><a href=\"https:\/\/thestockmarketwatch.com\/metal\/gold-price.aspx\">Gold prices<\/a> fell in Friday\u2019s trading as investors booked profit after an initially rally as the news about Greece receiving second round of bailouts emerged.<\/p>\n<p><span id=\"more-21181\"><\/span><\/p>\n<p>Earlier <a href=\"https:\/\/thestockmarketwatch.com\/metal\/gold-price.aspx\">gold<\/a> gained sharply over the news that said China\u2019s Central Bank might have used some of its huge foreign exchange reserves in buying <a href=\"https:\/\/thestockmarketwatch.com\/metal\/gold-price.aspx\">gold<\/a>, late last year.<\/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>Nonetheless, the bullion was quick to pare its early gains along with the euro and U.S. equities as investors treaded with caution just ahead of Monday\u2019s crucial meeting where euro-zone\u2019s ministers will finalize the new financial package for debt laden Greece. The prevailing uncertainty prompted many investors to close out positions before the U.S presidents\u2019 holiday on Monday.<\/p>\n<p>Commenting on the widespread fluctuation on bullion market in the recent past, James Steel, Chief Commodity analysts at the HSBC told Reuters&#8221;<a href=\"https:\/\/stockmarketwatch.com\/metal\/gold-price.aspx\" data-internallinksmanager029f6b8e52c=\"4\" title=\"gold price today\">Gold<\/a> cannot seem to break away from the influence of the wider financial markets\u201d.<\/p>\n<p>While sharing his views with Reuters, Mr. Steel also added &#8220;The eventual settlement of the euro zone sovereign debt crisis should eventually break this link. Until then, gold trading is likely to be volatile and prone to chase euro zone and especially Greek headlines.&#8221;<\/p>\n<p>On Friday, <a href=\"https:\/\/thestockmarketwatch.com\/metal\/gold-price.aspx\">Spot Gold<\/a> fell 0.3%, closing at $1,723.20 an ounce. However, Gold gained 0.2% for the last week, a rebound after losing for three successive weeks. Growing optimism over resolution both on Greek and euro-zone debt crisis pulled up the metal\u2019s demand.<\/p>\n<p>Gold <a href=\"https:\/\/thestockmarketwatch.com\/markets\/commodities\/today.aspx\">futures<\/a> closed at $$1,735.90 an ounce, losing $2.50 over earlier close.\u00a0 The Trading volume was 40 percent below its 30-day average on Friday.<\/p>\n<p>The recent movements on the bullion market prove one thing: gold is strongly correlated to the currency fluctuations; for instance, the ongoing sovereign debt and credit crisis in the euro-zone, prompted investors to bet heavily on the dollar, pushing down the demand for the gold and euro. Gold traditional safe-haven appeal took a beating as it was shown recently that the gyration in the single currency exerts a greater impact on bullion.<\/p>\n<p>So far this year, <a href=\"https:\/\/thestockmarketwatch.com\/metal\/gold-price.aspx\">Spot gold<\/a> gained around 10 percent, thanks mainly to the Federal Reserve&#8217;s<strong>\u00a0<\/strong>interest rate policy which hints that rates are not likely to move beyond zero for some three more years, prompting talk of more gold-bullish quantitative easing.<\/p>\n<p>Accordingly, Investment buying is strong, as data showed holdings of gold in exchange-traded products have soared by over 100,000 ounces this week to 70 million ounces.<\/p>\n<p>Meanwhile, commenting on bullion\u2019s movement on short and medium term, Mark D. Arbeter, chief technical strategist at S&amp;P Capital IQ, told Reuters that gold and <a href=\"https:\/\/thestockmarketwatch.com\/metal\/silver-price.aspx\">silver<\/a> were at risk to further losses after they had posted lower highs, particularly if the U.S. dollar rallied.<\/p>\n<p>S&amp;P Capital\u2019s Arbeter also added that gold could test major chart support between $1,640 and $1,650 an ounce, and must climb above recent highs at $1,766 for its uptrend to resume.<\/p>\n<p>The SPDR Gold Trust (ETF) (<a href=\"https:\/\/thestockmarketwatch.com\/stock.aspx?stock=GLD\">NYSE: GLD<\/a>) ended the day 0.38% lower at $167.37, the Market Vectors ETF Trust (<a href=\"https:\/\/thestockmarketwatch.com\/stock.aspx?stock=GDX\">NYSE: GDX<\/a>) ended the day 1.49% lower at $54.15, and the iShares Gold Trust (ETF) (<a href=\"https:\/\/thestockmarketwatch.com\/markets\/nyse\/today.aspx\">NYSE<\/a>: IAU) ended the day 0.30% lower at $16.80.<\/p>\n<p>For the week ended Friday, the SPDR Gold Trust (ETF) rose 0.14%, the Market Vectors ETF Trust fell 0.62%, and the iShares Gold Trust ETF rose 0.18%.<\/p>\n<p>Meanwhile in some other precious metal categories: Platinum<strong>\u00a0<\/strong>performed strongly in Friday\u2019s trading session. The metal was up of up 0.6 percent at $1,629.99 an ounce, at last check. Platinum <a href=\"https:\/\/thestockmarketwatch.com\/markets\/commodities\/today.aspx\">futures<\/a> were boosted by supply worries.<\/p>\n<p>Palladium<strong>\u00a0<\/strong>lost 0.9 percent, ending at $685.47 an ounce; even as <a href=\"https:\/\/thestockmarketwatch.com\/metal\/silver-price.aspx\">silver<\/a>\u00a0fell 0.8 percent, closing at $33.20 an ounce<\/p>\n<p>&nbsp;<\/p>\n<p>More Posts by this author<\/p>\n<ul>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/sunpower-reports-q4-results-spwr\/21183\"><br \/>\nSunPower Reports Q4 Results (SPWR)<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/general-mills-slashes-profit-forecast-gis\/21182\"><br \/>\nGeneral Mills Slashes Profit Forecast (GIS)<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/gold-prices-slip\/21181\"><br \/>\nGold Prices Slip<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/market-updates\/stocks-post-weekly-gain\/21179\"><br \/>\nStocks Post Weekly Gain<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/market-updates\/stocks-end-on-a-mixed-note-20\/21177\"><br \/>\nStocks End on a Mixed Note<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/market-updates\/stocks-headed-for-a-mixed-finish-9\/21146\"><br \/>\nStocks Headed for a Mixed Finish<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/hot-stocks-to-watch\/horsehead-holding-zinc-production-at-the-smelter-was-at-its-highest-level-of-the-year\/21142\"><br \/>\nHorsehead Holding &#8211; Zinc production at the smelter was at its highest level of the year<\/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 Friday\u2019s trading as investors booked profit after an initially rally as the news about Greece receiving [&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 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