{"id":26838,"date":"2012-05-11T03:34:00","date_gmt":"2012-05-11T03:34:00","guid":{"rendered":"https:\/\/www2.thestockmarketwatch.com\/stock-market-news\/gold-prices-finish-higher\/26835\/"},"modified":"2012-05-11T03:34:00","modified_gmt":"2012-05-11T03:34:00","slug":"gold-prices-finish-higher","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/gold-prices-finish-higher\/26838\/","title":{"rendered":"Gold Prices Finish 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> closed higher, inching towards $1,600 an ounce level as investors\u2019 anxiety was tad abated by political developments in Greece, with formation of the coalition government expected by next Sunday even as bargain hunters capitalized on low prices, supporting the metal\u2019s lower range level.<\/p>\n<p><span id=\"more-26838\"><\/span><\/p>\n<p>Meanwhile, market sentiment also improved as stress in Spanish debt market eased following country\u2019s center right Government\u2019s initiative to shore up its struggling banking sector, exposed to bad loans and moribund property market. Euro zone nations also approved a new bailout package of 5.2 billion euro to Greece, a move hinting at monetary union\u2019s commitment towards staying intact.<\/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>With some calmness settling down in the euro-zone, the euro was quick to pare its some loses against the dollar. Earlier euro dropped to its 31\/2 month low against the dollar, as renewed concerns of debt crisis unnerved investors\u2019 confidence towards the monetary union.<\/p>\n<p>Dollar has a negative relationship with <a href=\"https:\/\/thestockmarketwatch.com\/metal\/gold-price.aspx\">gold<\/a>. As most <a href=\"https:\/\/thestockmarketwatch.com\/markets\/commodities\/today.aspx\">commodities<\/a>, including <a href=\"https:\/\/thestockmarketwatch.com\/metal\/gold-price.aspx\">gold<\/a> are traded in dollars, any weakness in dollar increases the demand for the metal, as it become cheaper for those traders who deal in currencies other than the dollar.<\/p>\n<p><a href=\"https:\/\/thestockmarketwatch.com\/metal\/gold-price.aspx\">Spot gold<\/a>\u00a0inched higher 0.33 percent to $1,595.70 an ounce, off a four-month low of $1,579.30 hit in the previous session.<\/p>\n<p>U.S. <a href=\"https:\/\/stockmarketwatch.com\/metal\/gold-price.aspx\" data-internallinksmanager029f6b8e52c=\"4\" title=\"gold price today\">gold<\/a> <a href=\"https:\/\/thestockmarketwatch.com\/markets\/commodities\/today.aspx\">futures<\/a>\u00a0for June delivery climbed up $1.30 an ounce at $1,595.50, with trading volume largely in line with its 30-day average, in line with a recent stronger trend, according to a data provided by Reuters.<\/p>\n<p>The SPDR Gold Trust (ETF) (<a href=\"https:\/\/thestockmarketwatch.com\/stock.aspx?stock=GLD\">NYSE: GLD<\/a>) ended the day 0.19% higher at $154.76.<\/p>\n<p>However, <a href=\"https:\/\/thestockmarketwatch.com\/metal\/gold-price.aspx\">gold prices<\/a> yanked 3% this week due to heavy selling pressure. Any announcement from fed concerning quantitative easing or bond buying program seems highly unlikely as series of better than expected economic indicators will not prompt the central bank to increase the money supply.<\/p>\n<p>On Thursday, a data from U.S. Labor Department showed that weekly jobless claims fell by 1000 for the last week.<\/p>\n<p>Normally, gold is perceived as safe haven asset, a hedge against economic uncertainties; however, this year it has moved in tandem with riskier assets like dollar, <a href=\"https:\/\/thestockmarketwatch.com\/markets\/commodities\/today.aspx\">commodities<\/a> and oil.<\/p>\n<p>The yellow metal has lost $190 an ounce since last February, when expectations of monetary easing from fed boosted its price.<\/p>\n<p>Commenting over gold\u2019s sharp slide, Suki Cooper, precious metals analyst at Barclays Capital, said to CNBC-Reuters, \u201cGold has behaved closer to risky assets rather than differentiating itself as a safe haven asset and has been winded by the possibility of further quantitative easing being scaled back.\u201d<\/p>\n<p>\u201cWeak physical demand from key gold consumers India and China also failed to boost prices\u201d added Cooper, lowering her 2012 gold and platinum forecasts.<\/p>\n<p>Gold\u2019s Physical Demand Mixed in Asia<\/p>\n<p>While a data from China on Wednesday showed that gold imports from Hong Kong to mainland China soared in April, India\u2019s trade report for April showed that country\u2019s gold import for April shrunk to $3.1 billion, down from $4.7 billion a year ago.<\/p>\n<p>The demand for gold in world\u2019s biggest market India fell sharply as weakness in Indian rupee, higher import duties and high spot prices, curtailed buying orders. However, Indian Government\u2019s decision to scrap excise duties on jewelry- which was imposed in March- can boost the demand.<\/p>\n<p><a href=\"https:\/\/thestockmarketwatch.com\/metal\/silver-price.aspx\">Spot silver<\/a>\u00a0settled down 0.17 percent to $29.17 an ounce, recovering from its four-month low of $28.60 hit in the previous session. The RSI reading for <a href=\"https:\/\/thestockmarketwatch.com\/metal\/silver-price.aspx\">silver<\/a> edged below 29 earlier in the day, its lowest in more than seven months. Any reading below 30 suggests that the metal has been oversold.<\/p>\n<p>The gold\/<a href=\"https:\/\/thestockmarketwatch.com\/metal\/silver-price.aspx\">silver<\/a> ratio- a gauge on <a href=\"https:\/\/stockmarketwatch.com\/metal\/silver-price.aspx\" data-internallinksmanager029f6b8e52c=\"5\" title=\"silver price today\">silver<\/a> ounces needed to buy an ounce of gold- rose to its highest in nearly four months on Thursday.<\/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-morgan-shares-tumble-on-trading-losses-bank-downgraded-a-notch-by-fitch-jpm\/26955\"><br \/>\nJP Morgan Shares Tumble on Trading Losses, Bank Downgraded a Notch By Fitch  (JPM)<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/gold-prices-end-lower-euro-concerns-weigh\/26954\"><br \/>\nGold Prices End Lower, Euro Concerns Weigh<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/market-updates\/stocks-end-on-a-mixed-note-dow-jones-posts-worst-weekly-performance-for-2012\/26951\"><br \/>\nStocks End on a Mixed Note; Dow Jones Posts Worst Weekly Performance for 2012<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/market-updates\/stocks-headed-for-a-mixed-finish-13\/26914\"><br \/>\nStocks Headed for a Mixed Finish<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/gold-prices-hit-four-month-low-silver-prices-down-more-than-1\/26891\"><br \/>\nGold Prices Hit Four Month Low; Silver Prices Down More than 1%<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/polycom-plcm-to-divest-its-enterprise-wireless-voice-solutions-business\/26872\"><br \/>\nPolycom &#8211; PLCM &#8211; To Divest Its Enterprise Wireless Voice Solutions Business<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/market-updates\/u-s-stocks-edge-higher-after-strong-economic-data\/26889\"><br \/>\nU.S. Stocks Edge Higher After Strong Economic Data<\/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 closed higher, inching towards $1,600 an ounce level as investors\u2019 anxiety was tad abated by political developments in [&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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