{"id":22856,"date":"2012-03-16T03:51:00","date_gmt":"2012-03-16T03:51:00","guid":{"rendered":"https:\/\/www2.thestockmarketwatch.com\/stock-market-news\/gold-prices-regain-some-strength-after-wednesdays-sell-off\/22812\/"},"modified":"2012-03-16T03:51:00","modified_gmt":"2012-03-16T03:51:00","slug":"gold-prices-regain-some-strength-after-wednesdays-sell-off","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/gold-prices-regain-some-strength-after-wednesdays-sell-off\/22856\/","title":{"rendered":"Gold Prices Regain Some Strength after Wednesday\u2019s Sell-Off"},"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> recovered on Thursday, after losing almost two percent a day before as the upbeat U.S. economic data pushed up the dollar and other riskier assets.\u00a0 Notwithstanding gains on Thursday, this week has seen the worst performance from the <a href=\"https:\/\/thestockmarketwatch.com\/metal\/gold-price.aspx\">gold<\/a> since preceding three months.<\/p>\n<p><span id=\"more-22856\"><\/span><\/p>\n<p><a href=\"https:\/\/thestockmarketwatch.com\/metal\/gold-price.aspx\">Spot gold<\/a>\u00a0climbed up 0.96 percent to $1,658.01 an ounce, having dropped almost 4 percent so far this week after the Federal Reserve issued a more upbeat outlook for the U.S. economy, dousing expectations for further measures like quantitative easing.<\/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>U.S. April <a href=\"https:\/\/thestockmarketwatch.com\/metal\/gold-price.aspx\">gold<\/a> <a href=\"https:\/\/thestockmarketwatch.com\/markets\/commodities\/today.aspx\">futures<\/a><strong>\u00a0<\/strong>for April delivery edged up $16.60 at $1,659.50 an ounce, with volume above its 30-day average but sharply below the pace in the earlier session.<\/p>\n<p>Meanwhile, <a href=\"https:\/\/stockmarketwatch.com\/metal\/gold-price.aspx\" data-internallinksmanager029f6b8e52c=\"4\" title=\"gold price today\">gold<\/a> investors seems to have stuck with gold for now, pushing holdings of the metal in the world&#8217;s largest exchange-traded products (ETPs) to record highs this week, even as\u00a0 in Asia&#8217;s biggest physical gold markets, the drop in price encouraged a strong recovery in demand, mainly in top physical gold market like India.<\/p>\n<p>Another factor which has pulled down the bullion is the rising U.S treasury yields. As <a href=\"https:\/\/thestockmarketwatch.com\/markets\/bonds\/today.aspx\">interest rates<\/a> rise, the demand for dollars also rise, which in turn pushes up the dollar against other major traded currencies.<\/p>\n<p>Commenting over gold\u2019s likely performance in short to medium term, William Adams, head of research at metals-data provider FastMarkets, said that \u201cthere is a risk of further weakness, but equally we would not be surprised if bargain hunters start to provide support and if prices start to move higher, then follow-through buying may well follow.\u201d<\/p>\n<p>Suki Cooper, an analyst at Barclays Capital, told Reuters, \u201cGiven that we&#8217;ve seen the probability of further\u00a0quantitative easing reduced, profit-taking has weighed\u201d.<\/p>\n<p>She also added that \u201cGold is now looking to two factors, the physical market and the longer term sticky ETP (Exchange Traded Product) demand &#8230; ETP holdings have remained pretty stable\u201d.<\/p>\n<p>Gold has plunged around 8 percent since late February as funds have exited the bullion market in drove. Funds that were earlier bullish on gold were worried over the fact that the Fed<strong>\u00a0<\/strong>had no intention to embark on another round of major asset purchasing program to keep <a href=\"https:\/\/thestockmarketwatch.com\/markets\/bonds\/today.aspx\">interest rates<\/a> and borrowing costs low.<\/p>\n<p>Andrey Kryuchenkov, analyst at VTB Capital, told Reuters that this has been another excuse for people who have been sitting on long positions from early January and even going back to early autumn, when there was speculation over when we would have QE and abundant liquidity. Kryuchenkov noted that we will negative real interest rates through 2014, and as a result he feels gold is well supported. He added that the negative correlation of gold to the U.S. dollar would pose stiff headwind to the bullion price.<\/p>\n<p>On the other hand, the greenback has been gaining strength. On Thursday, The dollar hit to a 11-month high against the yen and a one-month high against the euro following growing optimism on the U.S. economic recovery and\u00a0subsequent rises in U.S. bond yield<strong>.<\/strong><\/p>\n<p>A stronger dollar hurts dollar-dominated <a href=\"https:\/\/thestockmarketwatch.com\/markets\/commodities\/today.aspx\">commodities<\/a> such as gold, as well as some other industrial metals like <a href=\"https:\/\/thestockmarketwatch.com\/metal\/copper-price.aspx\">copper<\/a>, which was also weighed by concerns over\u00a0slowing demand from China, the world&#8217;s largest consumer of the metal.<\/p>\n<p>The SPDR Gold Trust (ETF) (<a href=\"https:\/\/thestockmarketwatch.com\/stock.aspx?stock=GLD\">NYSE: GLD<\/a>) ended the day 0.95% higher at $161.08.<\/p>\n<p>In some other precious metals markets, <a href=\"https:\/\/thestockmarketwatch.com\/markets\/commodities\/today.aspx\">futures<\/a> for April platinum\u00a0climbed up $8.60, or 0.5%, to settle at $1,683.90 an ounce. <a href=\"https:\/\/thestockmarketwatch.com\/metal\/silver-price.aspx\">Silver<\/a> for May delivery\u00a0gained 55 cents, or 1.7%, to $32.73 an ounce.<\/p>\n<p>May <a href=\"https:\/\/thestockmarketwatch.com\/metal\/copper-price.aspx\">copper<\/a>\u00a0added up 5 cents, or 1.3%, to settle at $3.90 a pound.<\/p>\n<p>Palladium also strengthened, with the June contract\u00a0gaining $12.45, or 1.8%, closing at $709.90 an ounce.<\/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-prices-end-marginally-lower\/22936\"><br \/>\nGold Prices End Marginally Lower<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/market-updates\/stocks-end-on-a-mixed-note-24\/22935\"><br \/>\nStocks End on a Mixed Note<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/gold-remain-in-red-in-mid-day-trading-silver-prices-marginally-higher\/22906\"><br \/>\nGold Remain in Red in Mid-Day Trading; Silver Prices Marginally Higher<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/market-updates\/stocks-struggle-for-direction-10\/22905\"><br \/>\nStocks Struggle for Direction<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/penn-national-gaming-penn-agreement-with-state-of-ohio-regarding-the-relocation-of-its-two-racetracks\/22901\"><br \/>\nPenn National Gaming &#8211; PENN &#8211; Agreement with State of Ohio Regarding the Relocation of Its Two Racetracks<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/valhi-inc-vhi-3-for-1-split-of-its-common-stock\/22898\"><br \/>\nValhi, Inc. &#8211; VHI &#8211; 3-for-1 split of its common stock<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/sanofi-sny-to-acquire-pluromed\/22896\"><br \/>\nSanofi &#8211; SNY &#8211; To Acquire Pluromed<\/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 recovered on Thursday, after losing almost two percent a day before as the upbeat U.S. economic data pushed [&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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