{"id":22061,"date":"2012-03-03T04:21:00","date_gmt":"2012-03-03T04:21:00","guid":{"rendered":"https:\/\/www2.thestockmarketwatch.com\/stock-market-news\/gold-prices-slip-2\/22050\/"},"modified":"2012-03-03T04:21:00","modified_gmt":"2012-03-03T04:21:00","slug":"gold-prices-slip-2","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/gold-prices-slip-2\/22061\/","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 on Friday, taking the deepest weekly plunge since mid- December following a sharp rise in the U.S. dollar.<\/p>\n<p><span id=\"more-22061\"><\/span><\/p>\n<p>The greenback\u2019s strength- which reached to 9 months high against the yen coupled with sharp gains against the euro&#8211; prompted sell off pressure on bullion as the metal move inversely to the greenback as non-U.S. investors can achieve more of a profit on their bullion holdings than in their own currencies.<\/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>Meanwhile, Fed\u2019s Chairman, Ben Bernanke issued a downbeat assessment for the U.S. economy; and he further ensured market participants that the Central bank is committed to keeping the benchmark interest rate at record near zero levels until late 2014, aimed at boosting lending and liquidity in the market.<\/p>\n<p>Analysts believe that with no further commitment shown by the Fed on quantitative easing or no anchoring long term bond yields to promote growth, resulted in the biggest sell off of the metal, since past 2-1\/2 months.<\/p>\n<p>Nevertheless, it is also believed that <a href=\"https:\/\/thestockmarketwatch.com\/metal\/gold-price.aspx\">gold<\/a> has enough positive drivers to uphold the market over the coming year, which could see the price leaping to a new high.<\/p>\n<p>While <a href=\"https:\/\/thestockmarketwatch.com\/metal\/gold-price.aspx\">Spot gold<\/a>\u00a0was losing 0.31 percent, closing the day at $1,712.10 an ounce, U.S. <a href=\"https:\/\/thestockmarketwatch.com\/metal\/gold-price.aspx\">gold<\/a> <a href=\"https:\/\/thestockmarketwatch.com\/markets\/commodities\/today.aspx\">futures<\/a>\u00a0for April delivery fell 0.46 percent to settle at $1709.80.<\/p>\n<p>Earlier in the trading session, <a href=\"https:\/\/stockmarketwatch.com\/metal\/gold-price.aspx\" data-internallinksmanager029f6b8e52c=\"4\" title=\"gold price today\">gold<\/a> had its biggest weekly plunge since mid-December, dropping 0.4 percent.<\/p>\n<p>Commenting on the <a href=\"https:\/\/thestockmarketwatch.com\/metal\/gold-price.aspx\">gold prices<\/a> volatility, Mark O\u2019Byrne, director at online bullion market GoldCore told Reuters \u201cIn the shorter term, we could see further weakness and we do advise our clients not to try to catch a falling knife\u201d. He also added \u201cWe would wait until we have more clarity about the shorter-term outlook, but our medium- to long-term outlook is still positive on gold.\u201d<\/p>\n<p>Barclays Capital also seems to hold the same notion. In its note to the investors the bank stated \u201cThe broader macro backdrop remains gold-favorable, given the negative interest rate environment, longer-term inflationary concerns, and lingering sovereign debt uncertainties\u201d.<\/p>\n<p>The note also commented \u201cBut dollar strength, broad risk reduction and profit-taking could pose near-term hurdles for gold\u201d.<\/p>\n<p>Earlier this week, the ECB decision to inject half-trillion euro cash\u00a0in the form of cheap three-year loans to commercial banks should, in the longer term, provide support to gold as it helps anchor euro zone lending rates, believes many analysts.<\/p>\n<p>It is also believed that ECB&#8217;s massive cash injection this week (LTRO) made it more attractive to use the euro as a funding currency to buy higher yielding assets.<\/p>\n<p>Gold priced in euros gained 0.4 percent on the day, settling at 1,294.23 euros an ounce; however the metal was still set for a 1.8 percent loss this week.<\/p>\n<p>The SPDR Gold Trust (ETF) (<a href=\"https:\/\/thestockmarketwatch.com\/stock.aspx?stock=GLD%20%20\">NYSE: GLD<\/a>) fell marginally on Friday, ending the day 0.12% lower at $166.36.<\/p>\n<p>In some other metal markets, Platinum\u00a0having lost just 0.4 percent in value this week was dropping 0.19 percent, closing at $1,692.99 an ounce.<\/p>\n<p>Palladium\u00a0also\u00a0dropped 0.57 percent to $710.47 an ounce, even as <a href=\"https:\/\/thestockmarketwatch.com\/metal\/silver-price.aspx\">silver<\/a><strong>\u00a0<\/strong>shed 2 percent to $34.73 an ounce.<\/p>\n<p>The iShares <a href=\"https:\/\/thestockmarketwatch.com\/metal\/silver-price.aspx\">Silver<\/a> Trust (ETF) (<a href=\"https:\/\/thestockmarketwatch.com\/markets\/nyse\/today.aspx\">NYSE<\/a>: SLV) ended the day 1.95% lower at $33.77.<\/p>\n<p>In the recent past platinum has gained sharply over supply chain disruptions emanating from south Africa-world\u2019s biggest producer of platinum along with the growing demand for the metal in recovering U.S economy.<\/p>\n<p>Now the spotlight remains on Impala Platinum, the world&#8217;s second-largest platinum producer. The company has suffered 120,000 ounces of lost production in a six-week-long strike at its key Rustenburg mine.<\/p>\n<p>Although operations there are set to restart next week, the company said it was still uncertain when full production would be regained.<\/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\/archipelago-learning-surges-on-take-over\/22104\"><br \/>\nArchipelago Learning Surges on Take Over<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/market-updates\/stocks-slip-in-early-trading-3\/22101\"><br \/>\nStocks Slip in Early Trading<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/gold-and-silver-prices-slip-as-dollar-strengthens-2\/22099\"><br \/>\nGold and Silver Prices Slip as Dollar Strengthens<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/market-updates\/futures-slip-on-global-growth-concerns\/22087\"><br \/>\nFutures Slip on Global Growth Concerns<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/bp-reaches-settlement-in-gulf-oil-spill-case\/22076\"><br \/>\nBP Reaches Settlement in Gulf Oil Spill Case<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/yelp-shares-gain-on-debut-yelp\/22063\"><br \/>\nYelp Shares Gain on Debut (YELP)<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/walt-disney-board-criticized-for-choosing-iger-as-chairman-dis\/22062\"><br \/>\nWalt Disney Board Criticized for Choosing Iger as Chairman (DIS)<\/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 on Friday, taking the deepest weekly plunge since mid- December following a sharp rise in the U.S. [&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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