{"id":26584,"date":"2012-05-08T03:25:00","date_gmt":"2012-05-08T03:25:00","guid":{"rendered":"https:\/\/www2.thestockmarketwatch.com\/stock-market-news\/gold-prices-settle-lower-7\/26560\/"},"modified":"2012-05-08T03:25:00","modified_gmt":"2012-05-08T03:25:00","slug":"gold-prices-settle-lower-7","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/gold-prices-settle-lower-7\/26584\/","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> eased on a thinly traded Monday, taking a cue from weaker crude oil market as renewed concerns over possible fare up of euro-zone debt crises, following elections results in France and Greece lowered the metal\u2019s safe haven appeal.<\/p>\n<p><span id=\"more-26584\"><\/span><\/p>\n<p><a href=\"https:\/\/thestockmarketwatch.com\/metal\/gold-price.aspx\">Spot gold<\/a>\u00a0lost $4.84 to $1,637.21 an ounce, even as\u00a0U.S. <a href=\"https:\/\/thestockmarketwatch.com\/metal\/gold-price.aspx\">gold<\/a> <a href=\"https:\/\/thestockmarketwatch.com\/markets\/commodities\/today.aspx\">futures<\/a>\u00a0for June delivery fell $6.10 to settle at $1639.10 an ounce.<\/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>Meanwhile crude oil prices and euro also tumbled on Monday as strong anti-austerity feeling among voters -which was clearly visible from the elections results, threatened reigniting of sovereign debt crisis, and feeble economic growth in the region.<\/p>\n<p>Concerns over the prospects of euro-zone economy were a key factor driving <a href=\"https:\/\/thestockmarketwatch.com\/metal\/gold-price.aspx\">gold prices<\/a> to record highs last year, but as investors preferred the dollar, Bunds and U.S. treasuries as safe haven assets instead- both metal and euro came under immense pressure, this year.<\/p>\n<p>Contrary to its appeal as a hedge against economic uncertainty, <a href=\"https:\/\/thestockmarketwatch.com\/metal\/gold-price.aspx\">gold<\/a> is perceived more as a commodity this year, moving in tandem with oil prices and equities.<\/p>\n<p>Commenting over <a href=\"https:\/\/stockmarketwatch.com\/metal\/gold-price.aspx\" data-internallinksmanager029f6b8e52c=\"4\" title=\"gold price today\">gold<\/a>\u2019s retreat on Monday, Alexander Zumpfe, a trader at precious metals house Heraeus, said to Reuters-CNBC, \u201cGold opens the week lower with investors in risk-off mode after this weekend&#8217;s election. Stocks are weaker, the euro is losing ground, and since gold is currently considered as a riskier asset, it is also losing ground.\u201d<\/p>\n<p>However, analysts also said to Reuters that\u00a0 should the conditions in the euro-zone weakens significantly, then it could become once again a positive driver for the gold as investors will look beyond euro and European equities to diversify.<\/p>\n<p>On Sunday, two mainstream political parties were thrashed in Greek general elections as enraged voters held its leadership responsible for ongoing economic hardships. The election results have put the country\u2019s future in the euro-zone at risk, threatening worsening of debt crisis.<\/p>\n<p>In France, although the victory of Francois Hollande did not come as a surprise, investors are now anxious over how the new socialist leadership will deal with current euro-zone debt crisis. Before elections, Hollande criticized the \u2018fiscal-pact\u2019 among euro-zone member nations as it according to him curtailed economic growth in the regions, pushing-up the unemployment level.<\/p>\n<p>In a note to investors, Credit Agricole wrote on Monday, \u201cWith growing influence of anti-austerity political blocs, tensions among the euro zone will likely be intensified and a wave of renegotiations for bail-out programs may be sparked.\u201d<\/p>\n<p>On gold\u2019s physical demand front, analysts expect some revival as Indian Federal Government scrapped the excise duty on jewelry it imposed in March on Monday.<\/p>\n<p>In the U.S., buying picked up slightly in May as a data from the U.S. Mint showed sales of American Eagle gold coins reaching 20,000 ounces so far this month, the same amount in volume terms as was sold in the whole of April.<\/p>\n<p>However, the metal is still tight range-bound, according to analysts who study past price moves to determine the future direction of trade.<\/p>\n<p>Barclays Capital in its report wrote, \u201cGold remains locked in a range and our view is unchanged. We would prefer to fade weakness against the 1,600 area where we expect buying to manifest.\u201d<\/p>\n<p>\u201cA move above the 1,690 area would confirm our bullish view toward the range highs near 1,800; Seasonality leads us to expect a mid-year sideways chop before we become more bullish in the second half of the year,\u201d added the report.<\/p>\n<p>The SPDR Gold Trust (ETF) (<a href=\"https:\/\/thestockmarketwatch.com\/stock.aspx?stock=GLD\">NYSE: GLD<\/a>) ended the day 0.24% lower at $159.08.<\/p>\n<p>Moving onto some other precious metal markets, <a href=\"https:\/\/thestockmarketwatch.com\/metal\/silver-price.aspx\">spot silver<\/a>\u00a0slid 1.09 percent to $30.01 an ounce, while\u00a0spot platinum\u00a0remained mostly unchanged at $1,520.80 an ounce and\u00a0spot palladium\u00a0edged lower \u00a00.66 percent at $641.93 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\/walt-disney-announce-better-than-expected-results-shares-gain-dis\/26760\"><br \/>\nWalt Disney Announce Better Than Expected Results, Shares gain (DIS)<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/gold-prices-fall-below-psychological-1600-level-amid-heavy-trading\/26758\"><br \/>\nGold Prices Fall Below Psychological $1,600 Level Amid Heavy Trading<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/market-updates\/stocks-end-lower-on-euro-zone-worries-6\/26749\"><br \/>\nStocks End Lower on Euro Zone Worries<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/market-updates\/stocks-pare-losses-but-still-in-red\/26733\"><br \/>\nStocks Pare Losses but Still in Red<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/gold-prices-touch-1585-an-ounce-level-silver-prices-extend-losses\/26716\"><br \/>\nGold Prices Touch $1585 an Ounce Level; Silver Prices Extend Losses<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/market-updates\/stocks-lower-as-euro-zone-weakness-stokes-fear\/26715\"><br \/>\nStocks Lower as Euro-Zone Weakness Stokes Fear<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/hot-stocks-to-watch\/first-california-fcal-responds-to-pacwest-bancorps-unsolicited-proposal\/26705\"><br \/>\nFirst California &#8211; FCAL &#8211; Responds to PacWest Bancorp&#8217;s Unsolicited Proposal<\/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 eased on a thinly traded Monday, taking a cue from weaker crude oil market as renewed concerns over 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