{"id":25215,"date":"2012-04-20T03:28:00","date_gmt":"2012-04-20T03:28:00","guid":{"rendered":"https:\/\/www2.thestockmarketwatch.com\/stock-market-news\/gold-prices-pare-gains\/25174\/"},"modified":"2012-04-20T03:28:00","modified_gmt":"2012-04-20T03:28:00","slug":"gold-prices-pare-gains","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/gold-prices-pare-gains\/25215\/","title":{"rendered":"Gold Prices Pare Gains"},"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> pared gains on Thursday as U.S. dollar strengthened amid speculation that France\u2019s top notch debt grading might be downgraded.<\/p>\n<p><span id=\"more-25215\"><\/span><\/p>\n<p>Even though France\u2019s debt downgrade was dismissed by strategists, the rumor was widespread and strong enough to disturb the market sentiment, halting <a href=\"https:\/\/thestockmarketwatch.com\/metal\/gold-price.aspx\">gold<\/a>\u2019s rally.<\/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>According to FactSheet Research, earlier during the trading day, the bullion reached as high as $1,654.90 an ounce as bargain hunters jacked up the prices after the metal closed to its lowest in a week at the previous session.<\/p>\n<p>Besides, fears of debt crises resurfacing in the euro-zone, the metal also gained after U.S. weekly jobless claim data turned higher than anticipated.<\/p>\n<p>Since late February, <a href=\"https:\/\/thestockmarketwatch.com\/metal\/gold-price.aspx\">gold<\/a> has dropped almost $150 an ounce after \u00a0strong strings of U.S. economic data dashed hopes of further U.S. monetary easing. A recent drop in trading volume also suggests fading investor interest in the <a href=\"https:\/\/stockmarketwatch.com\/metal\/gold\" data-internallinksmanager029f6b8e52c=\"4\" title=\"gold price today\">gold<\/a> trade.<\/p>\n<p><a href=\"https:\/\/thestockmarketwatch.com\/markets\/commodities\/today.aspx\">Futures<\/a> of gold\u2019s June delivery\u00a0edged up $2.60, or 0.1%, to $1,641.80 an ounce on the Comex division of the New York Mercantile Exchange, while U.S.\u00a0 <a href=\"https:\/\/thestockmarketwatch.com\/metal\/gold-price.aspx\">Spot gold<\/a><strong>\u00a0<\/strong>was down 0.2 percent at $1,638.80 an ounce, having traded as high as $1,654.90 an ounce.<\/p>\n<p>According to a preliminary data provided by Reuters, U.S. gold <a href=\"https:\/\/thestockmarketwatch.com\/markets\/commodities\/today.aspx\">futures<\/a> trading volume was about 20 percent below its 30-day average.<\/p>\n<p>Commenting over <a href=\"https:\/\/thestockmarketwatch.com\/metal\/gold-price.aspx\">gold prices<\/a> movement, Charles Nedoss, a senior market strategist with Olympus Futures in Chicago, said, \u201cWith the dollar gaining ground gold was playing a game of cat and mouse\u201d.<\/p>\n<p>Nedoss also believes investors left the bullion market as prices \u201cdidn\u2019t clear much above $1,650 an ounce.<\/p>\n<p>Gold started to lose its momentum when a report showed that manufacturing activity in the Philadelphia area grew at slower pace than expected.<\/p>\n<p>With concerns of euro-zone debt crises resurfacing, strengthening dollar also put the pressure on gold.\u00a0 \u00a0ICE dollar index\u00a0was\u00a0trading at 79.589 on Thursday, compared with 79.590 in late North American trading on Wednesday.<\/p>\n<p>Earlier, on Wednesday, gold ended lower 0.7% on account of week physical demand from top consumers India and China even as Spain\u2019s long term bond auctions also subdued bullion investors.<\/p>\n<p>Gold in recent times has not acted as a safe haven instrument; rather, it has tracked U.S. equities and other <a href=\"https:\/\/thestockmarketwatch.com\/markets\/commodities\/today.aspx\">commodities<\/a>. In its notes to investors on Thursday, analysts at Commerzbank wrote, \u201cprices may dip below $1,600 for brief periods\u201d citing metal\u2019s current tendency to track other riskier assets.<\/p>\n<p>The note also added \u201cThat said, such a price slump should lure in bargain hunters,\u201d especially as the important Hindu festival will be celebrated next week in India\u201d.<\/p>\n<p>Analysts now feel that much will depend upon the Federal Reserve policy meeting which is scheduled next week, after the end of a nervous Spanish government debt auction pressured gold and other assets.<\/p>\n<p>The SPDR Gold Trust (ETF) (<a href=\"https:\/\/thestockmarketwatch.com\/stock.aspx?stock=GLD\">NYSE: GLD<\/a>) ended the day 0.08% higher at $159.43.<\/p>\n<p>Meanwhile, <a href=\"https:\/\/thestockmarketwatch.com\/metal\/silver-price.aspx\">silver prices<\/a> are rising sharply. On Thursday, head of metals research firm Thomson Reuters GFMS said <a href=\"https:\/\/thestockmarketwatch.com\/metal\/silver-price.aspx\">silver<\/a> sales for industrial applications, as well as for jewelry, coins, silverware and photography, should rise 3 to 5 percent this year.<\/p>\n<p>However, the research also said that <a href=\"https:\/\/thestockmarketwatch.com\/metal\/silver-price.aspx\">silver prices<\/a> will be no-where near to its all time high. The report states that buying from investors will remain subdued even as industry will struggle to absorb the substantial surplus in the market.<\/p>\n<p>Reacting to the report, <a href=\"https:\/\/thestockmarketwatch.com\/metal\/silver-price.aspx\">silver<\/a> added 0.3 percent, to close at $31.70 an ounce. So far this year <a href=\"https:\/\/stockmarketwatch.com\/metal\/silver\" data-internallinksmanager029f6b8e52c=\"5\" title=\"silver price today\">silver<\/a> prices are up 13 percent after plummeting 10 percent in 2011.<\/p>\n<p>Spot platinum<strong>\u00a0<\/strong>edged lower 46 cents to settle at $1,572.49 an ounce, while sister metal palladium moved up 0.7 %, to close at $659.47 an ounce.<\/p>\n<p>Futures of <a href=\"https:\/\/thestockmarketwatch.com\/metal\/copper-price.aspx\">Copper<\/a>\u2019s May delivery \u00a0shed less than 1 cent, or 0.2%, to close at $3.62 per 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\/market-updates\/why-i-think-gluu-can-climb-67-from-here\/25323\"><br \/>\nWhy I think GLUU can climb 67% from here.<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/gold-prices-marginally-higher-silver-prices-in-red\/25282\"><br \/>\nGold Prices Marginally Higher; Silver Prices in Red<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/market-updates\/stocks-headed-for-a-strong-finish-20\/25280\"><br \/>\nStocks Headed for a Strong Finish<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/market-updates\/stocks-extend-gains-as-investors-digest-latest-earnings-reports\/25278\"><br \/>\nStocks Extend Gains as Investors Digest Latest Earnings Reports<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/roadrunner-transportation-systems-rrts-announces-acquisition-of-de-transport\/25235\"><br \/>\nRoadrunner Transportation Systems &#8211; RRTS &#8211; Announces Acquisition of D&amp;E Transport<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/medical-action-industries-mdci-announces-plan-to-realign-into-strategic-business-units\/25234\"><br \/>\nMedical Action Industries &#8211; MDCI &#8211; Announces Plan to Realign into Strategic Business Units<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/wolverine-worldwide-www-and-forus-formation-of-a-new-joint-venture-lifestyle-brands-of-colombia\/25233\"><br \/>\nWolverine Worldwide (WWW) and Forus &#8211; Formation of a new joint venture, Lifestyle Brands of Colombia<\/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 pared gains on Thursday as U.S. dollar strengthened amid speculation that France\u2019s top notch debt grading might be [&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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