{"id":23296,"date":"2012-03-23T03:33:00","date_gmt":"2012-03-23T03:33:00","guid":{"rendered":"https:\/\/www2.thestockmarketwatch.com\/stock-market-news\/gold-prices-fall\/23295\/"},"modified":"2012-03-23T03:33:00","modified_gmt":"2012-03-23T03:33:00","slug":"gold-prices-fall","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/gold-prices-fall\/23296\/","title":{"rendered":"Gold Prices Fall"},"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> touched its lowest level on Thursday, in last two months as concerns over slowing global economy weighed on the metal. On Thursday, data both from the euro-zone and China showed that manufacturing activities continued to contract.<\/p>\n<p><span id=\"more-23296\"><\/span><\/p>\n<p><a href=\"https:\/\/thestockmarketwatch.com\/metal\/gold-price.aspx\">Gold<\/a> has tumbled $150 after touching almost $1800 an ounce mark in February 29. Fading hopes of further quantitative easing in the U.S, gloomy global economic prospects and rising treasuries yields have put the sell-off pressure on the metal.<\/p>\n<p><!--Ad Injection mfunc mode ad code--><!--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>Commenting on <a href=\"https:\/\/thestockmarketwatch.com\/metal\/gold-price.aspx\">gold<\/a>\u2019s strong co-relation with economic\u00a0 indicators, Jeffrey Sica, chief investment officer of SICA Wealth Management with more than $1 billion in assets, told to Reuters, \u201c<a href=\"https:\/\/stockmarketwatch.com\/metal\/gold-price.aspx\" data-internallinksmanager029f6b8e52c=\"4\" title=\"gold price today\">Gold<\/a>&#8217;s been 100 percent focused on the China slowdown\u201d.<\/p>\n<p>Sica further added that \u201cThe sell-off in gold I think is overdone. It&#8217;s been tagged to the strength of the dollar and whether there will be further economic stimulus,\u201d and \u201cprice volatility will rise even though global economic worries and geopolitical tensions should underpin the metal\u201d.<\/p>\n<p>While <a href=\"https:\/\/thestockmarketwatch.com\/metal\/gold-price.aspx\">spot gold<\/a><strong>\u00a0<\/strong>fell by 0.4 percent, settling at $1,642.65 an ounce, U.S. gold <a href=\"https:\/\/thestockmarketwatch.com\/markets\/commodities\/today.aspx\">futures<\/a><strong>\u00a0<\/strong>settled down $7.80 at $1,642.50, with trading volume almost 10 percent below its 30-day average.<\/p>\n<p>Earlier, gold touched a low of $1,627.68, its lowest since Jan 13. The metal retreated most gains made in early January when hopes of new rounds of further monetary stimulus by the Fed were doing the rounds. However, the central bank hasn\u2019t offered any clue on further monetary easing in its latest open market meeting, 2 weeks ago.<\/p>\n<p>Simon Weeks, Head of Precious Metals at Scotia Mocatta, told Reuters that all the people who piled back in January when the Fed went very public on low <a href=\"https:\/\/thestockmarketwatch.com\/markets\/bonds\/today.aspx\">interest rates<\/a> have unwound now. Weeks said that there probably is more on the downside, but we have probably seen the worst of the liquidation. He added that there may be another move toward $1,600 an ounce but that is possibly enough for the time being.<\/p>\n<p>The SPDR Gold Trust (ETF) (<a href=\"https:\/\/thestockmarketwatch.com\/stock.aspx?stock=GLD\">NYSE: GLD<\/a>) ended the day 0.42% lower at $159.54.<\/p>\n<p>Meanwhile, <a href=\"https:\/\/thestockmarketwatch.com\/metal\/silver-price.aspx\">silver<\/a> also dropped further on Thursday. The metal shed 2.5%, settling at $31.32 an ounce.<\/p>\n<p>Analysts now fear that gold can take further beating as global economic slowdown will fuel the selling pressure. Besides, investors have also exited the bullion market owing to recent spike in benchmark 10-year U.S. Treasury yields. Gold moves in the opposite direction to Treasury bond prices and are seen as a gauge of short-term U.S. <a href=\"https:\/\/thestockmarketwatch.com\/markets\/bonds\/today.aspx\">interest rates<\/a>. Analysts warned on Thursday that a close below a $$1,625 an ounce will result in technical breakdown. In its note, analysts at Insignia Consultants wrote, \u201cKeep a close watch &#8230; (and) only a daily close above $1,664 will result in bullish trend\u201d.<\/p>\n<p>On physical demand side, world\u2019s two biggest import markets for gold, China and India are struggling. While China\u2019s weak manufacturing data and widening trade deficit has stoke the slowdown concerns and lower demand for gold, the increase on import duties has crippled the demand for gold in India. The Gems and Jewelry industry in India is the biggest buyer of gold in India. Since hike in duties, Bullion and Jewelry Association have been on strike since last weekend, protesting the Government\u2019s decision.<\/p>\n<p>According to James Steel, chief commodity analyst at HSBC, the level of pent-up gold demand in India will be an important factor for the future direction of <a href=\"https:\/\/thestockmarketwatch.com\/metal\/gold-price.aspx\">gold prices<\/a>.<\/p>\n<p>In some other precious metals markets, Spot platinum<strong>\u00a0<\/strong>ended lower 1 percent, settling at $1,616.49 an ounce, even as \u00a0spot palladium\u00a0plunged \u00a04.9 percent to $647.33 thus paring gains made earlier following supply chain disruptions, and better economic prospects. The recent economic optimism also boosted platinum price, reaching its premium over gold earlier in the month. However, the gains vanished this week, with gold standing roughly $30 above platinum.<\/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-rise\/23376\"><br \/>\nGold Prices Rise<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/market-updates\/stocks-end-higher-3\/23374\"><br \/>\nStocks End Higher<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/market-updates\/stocks-in-green-in-late-trading\/23345\"><br \/>\nStocks in Green in Late Trading<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/gold-and-silver-prices-remain-in-green-2\/23342\"><br \/>\nGold and Silver Prices Remain in Green<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/market-updates\/stocks-mixed-after-housing-market-data\/23337\"><br \/>\nStocks Mixed after Housing Market Data<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/hot-stocks-to-watch\/advantage-oil-gas-ltd-aav-solid-financial-operating-results\/23303\"><br \/>\nAdvantage Oil &amp; Gas Ltd. &#8211; AAV &#8211; Solid Financial &amp; Operating Results<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/hot-stocks-to-watch\/silver-wheaton-corp-slw-finished-2011-with-its-strongest-ever-quarter\/23300\"><br \/>\nSilver Wheaton Corp. &#8211; SLW &#8211; Finished 2011 with its strongest ever quarter<\/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 touched its lowest level on Thursday, in last two months as concerns over slowing global economy weighed on 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