{"id":22692,"date":"2012-03-14T03:16:00","date_gmt":"2012-03-14T03:16:00","guid":{"rendered":"https:\/\/www2.thestockmarketwatch.com\/stock-market-news\/gold-prices-drop-for-a-second-straight-day\/22692\/"},"modified":"2012-03-14T03:16:00","modified_gmt":"2012-03-14T03:16:00","slug":"gold-prices-drop-for-a-second-straight-day","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/gold-prices-drop-for-a-second-straight-day\/22692\/","title":{"rendered":"Gold Prices Drop for a Second Straight Day"},"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 for the second successive day on Tuesday, keeping below the $1700 level even as U.S. retail sales data signaled economic recovery and the Fed maintained its monetary policy intact. Earlier, there was widespread anticipation among market participants that the central bank in its meeting might decide to provide further monetary stimulus through QE3.<\/p>\n<p><span id=\"more-22692\"><\/span><\/p>\n<p><a href=\"https:\/\/thestockmarketwatch.com\/markets\/commodities\/today.aspx\">Futures<\/a> on <a href=\"https:\/\/thestockmarketwatch.com\/metal\/gold-price.aspx\">gold<\/a> for April delivery\u00a0fell $5.60, or 0.3%, closing at $1,694.20 an ounce ,on the Comex division of the New York Mercantile Exchange.<\/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><a href=\"https:\/\/thestockmarketwatch.com\/metal\/gold-price.aspx\">Spot gold<\/a> was losing 2.1 percent at $1,663.99 an ounce by 3:47 p.m., having earlier hit a seven-week low of $1,661.99 an ounce.<\/p>\n<p><a href=\"https:\/\/thestockmarketwatch.com\/metal\/gold-price.aspx\">Gold<\/a> shed almost $100 or 5 percent on February 29 when Fed Chairman Bernanke did not mention another round of easing in a statement in his testimony to the U.S. Congress.<\/p>\n<p>Since late February, bullion lost 7 percent as some funds might have exited the bullion trade on fears central banks could be done with quantitative easing or freeze on asset purchases by the Fed.<\/p>\n<p>Commenting over drop in <a href=\"https:\/\/stockmarketwatch.com\/metal\/gold-price.aspx\" data-internallinksmanager029f6b8e52c=\"4\" title=\"gold price today\">gold<\/a>\u2019s price, Frank Lesh, broker and <a href=\"https:\/\/thestockmarketwatch.com\/markets\/commodities\/today.aspx\">futures<\/a> analyst with FuturePath Trading in Chicago, said \u201cWe are running into some headwinds here\u201d. He also said being highly mature asset; huge gains are difficult to come by. \u201cGold is a bull market but it is a very mature bull market, [meaning] gains are a little harder to come by,\u201d concluded Lesh.<\/p>\n<p>Lesh believes that higher dollar and absence on any hint from the Fed concerning quantitative easing halted bullion\u2019s onward march.<\/p>\n<p>Earlier on Monday, <a href=\"https:\/\/thestockmarketwatch.com\/metal\/gold-price.aspx\">gold prices<\/a> retreated after three consecutive sessions of gains, last week. However, with no signs of further monetary easing emerging from fed\u2019s open market meeting on Tuesday, the sell-off pressure continued in the bullion market.<\/p>\n<p>On Tuesday, after its policy meeting, the Fed, in its policy statement offered just a slight improvement in its economic outlook, saying it expects &#8220;moderate&#8221; growth over coming quarters with the unemployment rate declining steadily.<\/p>\n<p>Speaking to Reuters, Axel Merk, chief investment officer of Merk Funds with about $700 million in assets, said \u201cThis just reaffirms that the Fed is looking&#8230;to try to keep <a href=\"https:\/\/thestockmarketwatch.com\/markets\/bonds\/today.aspx\">interest rates<\/a> as low as possible and to keep monetary policy as accommodative as possible, and that&#8217;s a plus for gold in the medium term\u201d.<\/p>\n<p>In after-hours, electronic trading Tuesday, gold kept plunging, losing $14.10 at last check, to trade at $1,685.90 an ounce.<\/p>\n<p>The SPDR Gold Trust (ETF) (<a href=\"https:\/\/thestockmarketwatch.com\/stock.aspx?stock=GLD\">NYSE: GLD<\/a>) ended the day 1.75% lower at $162.13, the Market Vectors (ETF) (<a href=\"https:\/\/thestockmarketwatch.com\/stock.aspx?stock=GDX\">NYSE: GDX<\/a>) ended the day 0.50% lower at $52.11, and the iShares Gold Trust (ETF) (<a href=\"https:\/\/thestockmarketwatch.com\/markets\/nyse\/today.aspx\">NYSE<\/a>: IAU) ended the day 1.69% lower at $16.27.<\/p>\n<p>In Europe, ZEW index, a barometer of investment sentiment in Germany turned positive as the index jumped sharply in March to its highest level since June 2010. The sentiment indicator edged up to 22.3 from 5.4 in February, well above economists\u2019 estimations of a 10.0 reading.<\/p>\n<p>With no more prospect of quantitative easing to sustain a rally in the bullion market, investors have still continued to maintain their interest in the metal. This is evident by the fact that there has been rise in global holdings of gold in exchange-traded products to record highs this week.<\/p>\n<p>Meanwhile, in some other metal markets, <a href=\"https:\/\/thestockmarketwatch.com\/metal\/silver-price.aspx\">Silver<\/a> for May delivery\u00a0climbed up 17 cents, or 0.5%, to $33.58 an ounce.<\/p>\n<p>April platinum\u00a0edged up $6.10, or 0.4%, closing at $1,701.80 an ounce, while sister metal palladium for June delivery\u00a0rose $4.60, or 0.7%, settling at $708.85 an ounce.<\/p>\n<p>May <a href=\"https:\/\/thestockmarketwatch.com\/metal\/copper-price.aspx\">copper<\/a> delivery\u00a0gained 6 cents, or 1.7%, to settle at $3.90 a pound.<\/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\/gold-and-silver-prices-rise-after-wednesdays-sell-off\/22786\"><br \/>\nGold and Silver Prices Rise after Wednesday\u2019s Sell-Off<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/market-updates\/futures-rise-ahead-of-jobs-data\/22784\"><br \/>\nFutures Rise Ahead of Jobs Data<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/gold-prices-tumble-3\/22769\"><br \/>\nGold Prices Tumble<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/market-updates\/stocks-end-on-a-mixed-note-23\/22768\"><br \/>\nStocks End on a Mixed Note<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/market-updates\/stocks-flat-in-late-trading\/22745\"><br \/>\nStocks Flat in Late Trading<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/the-charles-schwab-corporation-schw-monthly-market-activity-report\/22742\"><br \/>\nThe Charles Schwab Corporation &#8211; SCHW &#8211; Monthly Market Activity Report<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/scorpio-tankers-stng-contracted-to-time-charter-in-three-mr-product-tankers\/22738\"><br \/>\nScorpio Tankers &#8211; STNG &#8211; Contracted to time charter-in three MR product tankers<\/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 for the second successive day on Tuesday, keeping below the $1700 level even as U.S. retail sales [&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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