{"id":22621,"date":"2012-03-13T03:32:00","date_gmt":"2012-03-13T03:32:00","guid":{"rendered":"https:\/\/www2.thestockmarketwatch.com\/stock-market-news\/gold-prices-slip-3\/22583\/"},"modified":"2012-03-13T03:32:00","modified_gmt":"2012-03-13T03:32:00","slug":"gold-prices-slip-3","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/gold-prices-slip-3\/22621\/","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> dropped on Monday as money managers\u2019 bullish outlook both on <a href=\"https:\/\/thestockmarketwatch.com\/metal\/gold-price.aspx\">gold<\/a> and <a href=\"https:\/\/thestockmarketwatch.com\/metal\/silver-price.aspx\">silver<\/a> turned bearish, resulting in sell-off.<\/p>\n<p><span id=\"more-22621\"><\/span><\/p>\n<p>Whereas <a href=\"https:\/\/thestockmarketwatch.com\/metal\/gold-price.aspx\">gold prices<\/a> rebounded spectacularly in the last week, covering large scale losses made in the first week of March, weak Chinese data that showed biggest trade deficit in a decade, resulted in sharp sell-off. Besides, crude oil prices also dropped as market participants feared recession looming over the world economy.<\/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>In its note to clients, TD securities wrote \u201cThe deficit was four times the recent largest deficit and adds to fears of slowdown, leading the [People\u2019s Bank of China] to weaken the yuan and lifting expectations of further near-term monetary easing as inflation has fallen back significantly\u201d.<\/p>\n<p>While economists had widely anticipated the trade balance to swing to a deficit, following a temporary disruption during the Lunar New Year holiday in January, the size of February\u2019s deficit surprised everyone in the market.<\/p>\n<p>Earlier, bullion was already reeling under pressure as the Fed stopped short of announcing any further monetary stimulus after the U.S. employment data showed improvement in the job market.<\/p>\n<p>Meanwhile, buying sentiments also took beating on Monday after U.S. data showed that net long <a href=\"https:\/\/thestockmarketwatch.com\/markets\/commodities\/today.aspx\">futures<\/a> positions held by money managers, including hedge funds, dropped \u00a020 percent, the biggest one-week plunge since August. \u00a0Bullish bets in <a href=\"https:\/\/thestockmarketwatch.com\/metal\/silver-price.aspx\">silver<\/a> <a href=\"https:\/\/thestockmarketwatch.com\/markets\/commodities\/today.aspx\">futures<\/a> also felt the heat as its prices tumbled.<\/p>\n<p>While speaking to Reuters, David Meger, director of metals trading at Vision Financial Markets, said \u201cSpeculative investment demand has certainly been a positive factor behind the precious metals&#8217; run. Liquidation of it takes away some of the support behind this market\u201d.<\/p>\n<p>He believes some level of volatility will exist in the near short term. \u201cIn the near term, I wouldn&#8217;t be surprised to see a little further consolidation or sideways movement,\u201d he concluded.<\/p>\n<p><a href=\"https:\/\/thestockmarketwatch.com\/metal\/gold-price.aspx\">Spot gold<\/a>\u00a0lost 0.5 percent on Monday, closing at $1,700.10 an ounce, after Friday&#8217;s surprise $40 rally from intraday lows.<\/p>\n<p>U.S. <a href=\"https:\/\/thestockmarketwatch.com\/metal\/gold-price.aspx\">gold<\/a> futures\u00a0fell by $11.70, settling at $1,699.80 an ounce, with trading volume in line with its 30-day average.<\/p>\n<p>On Tuesday, the <a href=\"https:\/\/stockmarketwatch.com\/metal\/gold-price.aspx\" data-internallinksmanager029f6b8e52c=\"4\" title=\"gold price today\">gold<\/a> market will closely monitor Fed\u2019s stance on further monetary stimulus. After the encouraging U.S. job report, bullion investors will keep a close eye on Fed\u2019s open market meeting which is likely to discuss about further rounds of quantitative easing.<\/p>\n<p>Commenting over the meeting, James Steel, analyst at HSBC said, \u201cThe market had maybe overly anticipated\u00a0QE3<strong> <\/strong>into the <a href=\"https:\/\/thestockmarketwatch.com\/metal\/gold-price.aspx\">gold price<\/a>, it had factored in too much and it maybe what we saw last week was something of that being extracted back out of the price \u2014 diminished expectations of QE3\u201d.<\/p>\n<p>Ronald Leung, Director of Lee Cheong Gold Dealers in Hong Kong, told Reuters that we will see more data coming out of the U.S. and whether or not there will be a QE3. Leung said that if there is no QE3, then there will be disappointed selling again and if the dollar continues to strengthen, then of course gold will be under pressure. He added that there is a little bit of physical buying.<\/p>\n<p>The SPDR Gold Trust (ETF) (<a href=\"https:\/\/thestockmarketwatch.com\/stock.aspx?stock=GLD\">NYSE: GLD<\/a>) ended the day 0.84% lower at $165.01.<\/p>\n<p>Meanwhile, flows of metal into exchange-traded products, a gauge of longer-term investor demand, rose for a ninth successive week, rising to 71,845 ounces from 70.759 million ounces, thereby making \u00a0total net inflows so far this month to almost 320,000 ounces.<\/p>\n<p>In some other precious markets, futures on <a href=\"https:\/\/stockmarketwatch.com\/metal\/silver-price.aspx\" data-internallinksmanager029f6b8e52c=\"5\" title=\"silver price today\">silver<\/a>\u00a0lost 1.8 percent on Monday, settling at $33.54 an ounce. \u00a0While\u00a0platinum<strong>\u00a0<\/strong>gained 0.9 percent on the day, closing at $1,691.99 an ounce, sister metal\u00a0palladium\u00a0edged up 0.8 percent, settling at $697.47 an ounce.<\/p>\n<p>More Posts by this author<\/p>\n<ul>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/market-updates\/stocks-headed-for-a-higher-finish-sp-500-hits-1400-mark\/22822\"><br \/>\nStocks Headed for a Higher Finish; S&amp;P 500 Hits 1400 Mark<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/hot-stocks-to-watch\/2011-was-a-transformational-year-for-camac-energy\/22817\"><br \/>\nCAK &#8211; 2011 was a transformational year for CAMAC Energy<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/hot-stocks-to-watch\/progenics-pharmaceuticals-pgnx-q4-and-year-end-2011-results-of-operations\/22816\"><br \/>\nProgenics Pharmaceuticals &#8211; PGNX &#8211; Q4 and year end 2011 results of operations<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/hot-stocks-to-watch\/ivanhoe-energy-ivan-project-highlights\/22815\"><br \/>\nIvanhoe Energy &#8211; IVAN &#8211; Project Highlights<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/hot-stocks-to-watch\/ross-stores-rost-robust-sales-and-earnings-in-the-fourth-quarter\/22814\"><br \/>\nRoss Stores &#8211; ROST &#8211; Robust sales and earnings in the fourth quarter<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/shire-shpgy-to-acquire-ferrokin-biosciences\/22811\"><br \/>\nShire &#8211; SHPGY &#8211; To acquire FerroKin BioSciences<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/gold-and-silver-prices-in-green-4\/22812\"><br \/>\nGold and Silver Prices in Green<\/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 dropped on Monday as money managers\u2019 bullish outlook both on gold and silver turned bearish, resulting in sell-off. [&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],"class_list":["post-22621","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","tag-gldd"],"_links":{"self":[{"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/posts\/22621","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=22621"}],"version-history":[{"count":0,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/posts\/22621\/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=22621"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/categories?post=22621"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/tags?post=22621"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}