{"id":25559,"date":"2012-04-25T04:01:00","date_gmt":"2012-04-25T04:01:00","guid":{"rendered":"https:\/\/www2.thestockmarketwatch.com\/stock-market-news\/gold-prices-settle-higher-2\/25516\/"},"modified":"2012-04-25T04:01:00","modified_gmt":"2012-04-25T04:01:00","slug":"gold-prices-settle-higher-2","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/gold-prices-settle-higher-2\/25559\/","title":{"rendered":"Gold Prices Settle Higher"},"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> rose on Tuesday as poor house sales data weighed on the U.S dollar even as euro gained following successful bond auctioning in the Netherlands.<\/p>\n<p><span id=\"more-25559\"><\/span><\/p>\n<p><a href=\"https:\/\/thestockmarketwatch.com\/metal\/gold-price.aspx\">Gold<\/a> for June delivery added $11.20, or 0.7%, to close at $1,643.80 an ounce on the Comex division of the New York Mercantile Exchange.<\/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>The gains come after 0.6% decline on Monday following 1% plunge in the previous week. After a period of very lull trading, the metal eventually found some support as very poor housing sales data put the pressure on the greenback.<\/p>\n<p>The dollar and <a href=\"https:\/\/thestockmarketwatch.com\/metal\/gold-price.aspx\">gold<\/a> are inversely related. Whenever dollar weakens against major currencies, the demand for <a href=\"https:\/\/stockmarketwatch.com\/metal\/gold-price.aspx\" data-internallinksmanager029f6b8e52c=\"4\" title=\"gold price today\">gold<\/a> increases as the commodity becomes cheaper to those traders who deal in currencies other than the dollar.<\/p>\n<p>Commenting over gold\u2019s rebound, James Cordier, a portfolio manager with Optionsellers.com in Florida, said, \u201cThe day\u2019s macroeconomic reports showed an incredibly weak housing market, hitting the dollar and benefiting gold\u201d.\u00a0 Cordier also believes that continued pouring of poor economic data could possibly mean Federal Reserve providing another round of quantitative easing in the coming months.<\/p>\n<p>On Tuesday, the U.S. Commerce Department data showed sales of new U.S. homes dropping 7.1% in March, though the drop was due to a revision higher for February.<\/p>\n<p>Bad news kept coming an hour later as a gauge of consumer confidence declined for a second month. The Conference Board consumer sentiment index stood at 69.2 in April, down from a revised reading of 69.5 in March.<\/p>\n<p>Meanwhile, the dollar index\u00a0\u2013 a barometer which measures greenback\u2019s performance against basket of six most traded currencies, recently traded at 79.217, down from 79.406 in late North American trading Monday.<\/p>\n<p>However, despite the rebound, analysts feel that there\u2019s lot of scope for the metal to advance further. The trading volume has been thin in recent times as rising economic uncertainty and fed\u2019s less dovish tone on monetary easing, curtailed the risk appetite of investors. Besides, weak physical demand for gold also weighed on metal\u2019s prices.<\/p>\n<p>In its note to clients, analysts at VTB Capital, London, said, \u201cIndia\u2019s jewelry demand and interest in physical gold in one of the world\u2019s top buyers is very slack in spite of the (Hindu festival) Akshaya Tritiya festival this week, which is a concern\u201d.<\/p>\n<p>Despite the gains made, analysts at VTB Capital expect price to still fluctuate though. \u201cWe still expect volatility to gain ahead of Wednesday\u2019s (Federal Open Market Committee) April meeting, with market participants seeking further insight into the Fed\u2019s monetary policy outlook which will ultimately influence rate expectations and the dollar trade,\u201d added the note.<\/p>\n<p>The Federal Reserve is expected to make announcement over the interest rate on Wednesday, followed by a news conference with Fed\u2019s Chairman, Ben Bernanke. Market participants are hoping that central bank might provide another round of quantitative easing after series of lackluster economic and job related data, had cast doubt over the strength of the U.S economic recovery.<\/p>\n<p>The SPDR Gold Trust (ETF) (<a href=\"https:\/\/thestockmarketwatch.com\/stock.aspx?stock=GLD\">NYSE: GLD<\/a>) ended the day 0.14% higher at $159.30, and the Market Vectors ETF Trust (<a href=\"https:\/\/thestockmarketwatch.com\/markets\/nyse\/today.aspx\">NYSE<\/a>: GDX) ended the day 0.22% higher at $45.14.<\/p>\n<p>Among some other precious metal markets, most metals settled higher as well, with May <a href=\"https:\/\/thestockmarketwatch.com\/metal\/silver-price.aspx\">silver<\/a>\u00a0climbing up\u00a0 21 cents, or 0.7%, to close the day at $30.75 an ounce. May <a href=\"https:\/\/thestockmarketwatch.com\/metal\/copper-price.aspx\">copper<\/a>\u00a0<a href=\"https:\/\/thestockmarketwatch.com\/markets\/commodities\/today.aspx\">futures<\/a> gained 5 cents, or 1.3%, to settle at $3.67 per ounce.<\/p>\n<p>Platinum and palladium, however, posted losses with July platinum falling $8.20, or 0.5%, to settle at $1,548.10 an ounce. The close was platinum\u2019s lowest settlement since late January.<\/p>\n<p>Palladium for June delivery\u00a0edged lower $5.10, or 0.8%, to settle at $665.80 an ounce.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/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\/stocks-rally-on-strong-apple-earnings\/25641\"><br \/>\nStocks Rally on Strong Apple Earnings<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/market-updates\/stocks-headed-for-a-strong-finish-21\/25638\"><br \/>\nStocks Headed for a Strong Finish<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/gold-prices-little-changed-silver-prices-edge-lower\/25633\"><br \/>\nGold Prices Little Changed; Silver Prices Edge Lower<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/market-updates\/stocks-continue-to-rally\/25624\"><br \/>\nStocks Continue to Rally<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/market-updates\/stocks-surge-in-early-trading-as-apple-earnings-lift-sentiments\/25594\"><br \/>\nStocks Surge in Early Trading as Apple Earnings Lift Sentiments<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/lorillard-lo-acquisition-of-blu-ecigs\/25574\"><br \/>\nLorillard &#8211; LO &#8211; Acquisition of blu ecigs<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/granite-gva-joint-venture-awarded-231-million-project-in-colorado\/25573\"><br \/>\nGranite &#8211; GVA &#8211; Joint-Venture Awarded $231 Million Project in Colorado<\/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 rose on Tuesday as poor house sales data weighed on the U.S dollar even as euro gained following 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