{"id":23796,"date":"2012-03-30T04:08:00","date_gmt":"2012-03-30T04:08:00","guid":{"rendered":"https:\/\/www2.thestockmarketwatch.com\/stock-market-news\/gold-prices-settle-lower-3\/23758\/"},"modified":"2012-03-30T04:08:00","modified_gmt":"2012-03-30T04:08:00","slug":"gold-prices-settle-lower-3","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/gold-prices-settle-lower-3\/23796\/","title":{"rendered":"Gold Prices Settle Lower"},"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 somewhat after sliding more than 1 % on Thursday.\u00a0 The sell off pressure was also seen on other riskier assets like euro, oil and equities as investors booked profits before the end of the quarter. Nevertheless, analysts believe that prices will remain more or less in the same range for now as counter-balancing factors and conflicting economic data offset each other.<\/p>\n<p><span id=\"more-23796\"><\/span><\/p>\n<p>According to David Meger, director of metals trading with Vision Financial Markets in Chicago, \u201cThere&#8217;s a bevy of conflicting information that everyone is trying to digest. So, on the back of that you&#8217;re seeing a little fade to the market, but the dips remain buying opportunities\u201d.<\/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><a href=\"https:\/\/thestockmarketwatch.com\/metal\/gold-price.aspx\">Spot gold<\/a><strong>\u00a0<\/strong>edged down 0.4 percent, settling at $1,656.46 an ounce, for a third session of losses. Earlier, it had plunged to its lowest since March 23 at $1,646m, after rallying on Tuesday to a two-week high when Federal Reserve chief Ben Bernanke hinted that further monetary easing is one of the options to bring down the unemployment levels.<\/p>\n<p>U.S. <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>were sliding $5.60 an ounce to end the day at $1,654.90.<\/p>\n<p>Commenting on downward movement of the bullion market, Meger said to Reuters \u201cYou see concerning signs about the U.S. economy, China&#8217;s slowing growth pace weighing, the European economy weighing and here you are sliding back down to the $1,640 area\u201d.<\/p>\n<p>Even though Meger and many others believe that <a href=\"https:\/\/thestockmarketwatch.com\/metal\/gold-price.aspx\">gold prices<\/a> to hold in sideways pattern, there is growing fear among some analysts who believe that the metal could break below $1,650 an ounce.<\/p>\n<p>In an interview with Reuters, Nic Brown, head of commodity research at Natixis, said \u201cWe have a forecast for an average price for the year of $1,450, so we are not surprised that <a href=\"https:\/\/thestockmarketwatch.com\/metal\/gold-price.aspx\">gold<\/a> prices are struggling to go higher\u201d. He also added \u201cWe think as time goes on the likelihood is that prices will probably soften further\u201d.<\/p>\n<p>Meanwhile, gains in the dollar also exerted selling pressure on bullion. The euro slid against the dollar and the yen as nervous investors dumped the single currency ahead of Spain&#8217;s budget presentation at the end of the week along with ongoing concerns about the euro-zone sovereign debt crisis.\u00a0 Prices of dollar and <a href=\"https:\/\/stockmarketwatch.com\/metal\/gold-price.aspx\" data-internallinksmanager029f6b8e52c=\"4\" title=\"gold price today\">gold<\/a> are inversely related. Stronger dollar tends to weigh on the metal as most <a href=\"https:\/\/thestockmarketwatch.com\/markets\/commodities\/today.aspx\">commodities<\/a>\u2019 trade is dominated in dollars.<\/p>\n<p>Market participants are also eyeing developments in world\u2019s biggest physical gold buyer-India. Traders and Jewelers entered strike for the 13<sup>th<\/sup> day, as their demand for a rollback on import duties on gold is unmet.<\/p>\n<p>According to Nic Brown, if significant declines are seen in demand for gold from India then it \u201cwill be a major negative for the market\u201d.<\/p>\n<p>The Swiss bank, UBS has also cut its 2012 average <a href=\"https:\/\/thestockmarketwatch.com\/metal\/gold-price.aspx\">gold price<\/a> forecast to $1,680 an ounce from $2,050 previous estimations.\u00a0 In its note to investors the bank wrote, \u201cAs acute macro stresses abate, investors are looking at other asset classes and to the growth story once again. Gold is moving off the center-stage position it occupied for most of last year\u201d.<\/p>\n<p>Gold <a href=\"https:\/\/thestockmarketwatch.com\/markets\/etfs\/today.aspx\">ETFs<\/a> ended on a mixed note on Thursday. The SPDR Gold Trust (ETF) (<a href=\"https:\/\/thestockmarketwatch.com\/stock.aspx?stock=GLD\">NYSE: GLD<\/a>) ended the day 0.14% lower at $161.28, the Market Vectors ETF Trust (<a href=\"https:\/\/thestockmarketwatch.com\/stock.aspx?stock=GDX\">NYSE: GDX<\/a>) ended the day 0.31% higher at $49.09, and the iShares Gold Trust (ETF) (<a href=\"https:\/\/thestockmarketwatch.com\/markets\/nyse\/today.aspx\">NYSE<\/a>: IAU) ended the day 0.06% lower at $16.19.<\/p>\n<p>In some other precious metals markets, <a href=\"https:\/\/thestockmarketwatch.com\/metal\/silver-price.aspx\">silver<\/a> edged up 0.04 percent at $32.05 an ounce, paring early losses after falling to $31.61 an ounce.<\/p>\n<p>While Spot platinum<strong>\u00a0<\/strong>edged off 0.5 percent to close at $1,623.70 an ounce, \u00a0palladium<strong>\u00a0<\/strong>lost 0.1 percent , settling at $641.42.<\/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-prices-edge-higher-4\/23891\"><br \/>\nGold Prices Edge Higher<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/market-updates\/stocks-end-on-a-mixed-note-dow-jones-sp-500-post-best-quarterly-performance-since-1998\/23889\"><br \/>\nStocks End on a Mixed Note; Dow Jones, S&amp;P 500 Post Best Quarterly Performance Since 1998<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/market-updates\/stocks-headed-for-a-higher-finish-22\/23862\"><br \/>\nStocks Headed for a Higher Finish<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/tibco-software-shares-slip-after-q1-results-tibx\/23854\"><br \/>\nTibco Software Shares Slip after Q1 Results (TIBX)<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/gold-and-silver-prices-hold-on-to-gains-2\/23852\"><br \/>\nGold and Silver Prices Hold on to Gains<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/market-updates\/stocks-higher-in-mid-day-trading-6\/23850\"><br \/>\nStocks Higher in Mid-Day Trading<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/market-updates\/stocks-marginally-higher-2\/23848\"><br \/>\nStocks Marginally Higher<\/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 somewhat after sliding more than 1 % on Thursday.\u00a0 The sell off pressure was also seen on [&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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