{"id":24769,"date":"2012-04-14T05:59:00","date_gmt":"2012-04-14T05:59:00","guid":{"rendered":"https:\/\/www2.thestockmarketwatch.com\/stock-market-news\/gold-prices-fall-2\/24767\/"},"modified":"2012-04-14T05:59:00","modified_gmt":"2012-04-14T05:59:00","slug":"gold-prices-fall-2","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/gold-prices-fall-2\/24769\/","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> fell sharply on Friday, settling at $1,660 an ounce thus bringing an end to a strong rally this week as the dollar strengthened against major currencies with euro weakening further due to worries over Spain\u2019s gloomy economic health.<\/p>\n<p><span id=\"more-24769\"><\/span><\/p>\n<p>High risks investing instruments like stocks and <a href=\"https:\/\/thestockmarketwatch.com\/markets\/commodities\/today.aspx\">commodities<\/a> also came under selling pressure following disappointing GDP growth data released by China two days ago.<\/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>While <a href=\"https:\/\/thestockmarketwatch.com\/metal\/gold-price.aspx\">Spot gold<\/a>\u00a0price dropped 1.2 percent at $1,654.50 an ounce, 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>lost $20.40 an ounce to $1,660.20.<\/p>\n<p>The metal has gained 2.4% this week as the data from the U.S. labor department showed that the job market in the U.S did worse than expected, challenging the strength of the U.S. economic recovery. As a consequence, many analysts are expecting that the Fed can possibly provide another round of quantitative easing. Last year, a sharp surge in <a href=\"https:\/\/thestockmarketwatch.com\/metal\/gold-price.aspx\">gold prices<\/a> was mainly attributed to ultra low interest rate policies. Nevertheless, a stronger dollar has stalled bullion\u2019s rally on Friday.<\/p>\n<p>Commenting over investors\u2019 sentiment towards <a href=\"https:\/\/thestockmarketwatch.com\/metal\/gold-price.aspx\">gold<\/a>, Walter de Wet, analyst at Standard Bank said to Reuters, \u201cEspecially in the United States, the investment climate is very neutral towards <a href=\"https:\/\/stockmarketwatch.com\/metal\/gold-price.aspx\" data-internallinksmanager029f6b8e52c=\"4\" title=\"gold price today\">gold<\/a> at this stage. People really need to see a policy catalyst before they come back aggressively\u201d.<\/p>\n<p>\u201cOn the physical side, from the end of this month there is really no seasonal demand coming until August;\u00a0 It is going to be difficult to break much higher if we don&#8217;t have this physical buying supporting any investment demand coming through for the next two or three months,\u201d added de Wet.<\/p>\n<p>On Friday, The greenback gained 0.4% over the euro as the yields on Spanish <a href=\"https:\/\/thestockmarketwatch.com\/markets\/bonds\/today.aspx\">bonds<\/a> increased following a statement from the head of Spain\u2019s Central Bank- the Bank of Spain- that the lending from the ECB to commercial banks in Spain increased in March, signifying too much reliance on external funding.<\/p>\n<p>Meanwhile, a report released on Friday showed China&#8217;s economy grew at lower than expected rate in nearly three years in the first quarter, with the reading showing \u00a0annual rate of expansion at 8.1 percent against original projections of 8.9 percent for the same period.<\/p>\n<p>Meanwhile, European shares continued to tumble on Friday, which was also a fourth straight week of losses as renewed concerns about the rising cost of borrowing in some highly indebted euro zone countries dampened market sentiments.<\/p>\n<p>Will gold regain the momentum?<\/p>\n<p>Although gold has gained 7% this year to date, it struggled to keep up the momentum. This is because; some strong strings of positive economic data in February and March resisted the fed to provide any hint of monetary easing programs.\u00a0 Besides a stronger dollar has also weighed on gold as most <a href=\"https:\/\/thestockmarketwatch.com\/markets\/commodities\/today.aspx\">commodities<\/a> including gold are traded in dollars and any hike in the greenback tends to discourage those traders that hold other currencies.<\/p>\n<p>Meanwhile a poll conducted by Reuters on Friday showed that analysts are turning more cautious towards gold, with bullish forecasts of $2,000 an ounce receding fast as the economy stalls.<\/p>\n<p>Even though the yellow metal remains on course to rally through this year and into 2013, just one analyst of 33 polled expects the metal to average more than $2,000 an ounce this year, against five analysts of 45 in a similar poll in January.<\/p>\n<p>Gold\u2019s physical buying in Asia slowed on Friday as higher prices discouraged new orders from traders; but a gold buying festival in India \u2014Akshaya Tritya \u2013 later this month is expected to boost the metal\u2019s demand from the world\u2019s biggest buyer of gold.<\/p>\n<p>The SPDR Gold Trust (ETF) (<a href=\"https:\/\/thestockmarketwatch.com\/stock.aspx?stock=GLD\">NYSE: GLD<\/a>) ended the day 1.15% lower at $160.85.<\/p>\n<p>In some other metal markets news, <a href=\"https:\/\/thestockmarketwatch.com\/metal\/silver-price.aspx\">Silver<\/a><strong>\u00a0<\/strong>edged lower 2.7 percent, to close at $31.46 an ounce,\u00a0spot platinum\u00a0also dropped 1.0 percent, to settle at $1,582.74 an ounce while spot palladium\u00a0\u00a0was down 1.0 percent to close at $642.00 an ounce.<\/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\/jp-morgans-q1-earnings-beat-estimates-jpm\/24788\"><br \/>\nJP Morgan\u2019s Q1 Earnings Beat Estimates (JPM)<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/market-updates\/stocks-end-lower-for-the-week-2\/24786\"><br \/>\nStocks End Lower for the Week<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/coinstar-shares-rally-cstr\/24771\"><br \/>\nCoinstar Shares Rally (CSTR)<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/gold-prices-fall-2\/24769\"><br \/>\nGold Prices Fall<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/market-updates\/stocks-end-sharply-lower-on-china-growth-worries-euro-zone-debt-crisis\/24767\"><br \/>\nStocks End Sharply Lower on China Growth Worries, Euro Zone Debt Crisis<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/gold-and-silver-prices-fall-sharply\/24742\"><br \/>\nGold and Silver Prices Fall Sharply<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/market-updates\/stocks-headed-for-a-lower-finish-27\/24738\"><br \/>\nStocks Headed for a Lower Finish<\/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 sharply on Friday, settling at $1,660 an ounce thus bringing an end to a strong rally this [&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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