{"id":32651,"date":"2012-08-18T00:28:00","date_gmt":"2012-08-18T00:28:00","guid":{"rendered":"https:\/\/www2.thestockmarketwatch.com\/stock-market-news\/gold-prices-end-almost-flat-but-posts-weekly-losses\/32636\/"},"modified":"2012-08-18T00:28:00","modified_gmt":"2012-08-18T00:28:00","slug":"gold-prices-end-almost-flat-but-posts-weekly-losses","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/gold-prices-end-almost-flat-but-posts-weekly-losses\/32651\/","title":{"rendered":"Gold Prices end almost Flat, but posts weekly losses"},"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><a href=\"https:\/\/thestockmarketwatch.com\/metal\/gold-price.aspx\">Gold prices<\/a> held steady on Friday but lost 0.3% for the week as investors wait for more concrete actions from central banks, especially from the European Central Bank (ECB) following German Chancellor Angela Merkel\u2019s support to the ECB\u2019s bond buying program.<\/p>\n<p><span id=\"more-32651\"><\/span><\/p>\n<p>Earlier on Thursday, bullion saw a bit of rally after comments made by Merkel on ongoing efforts from the ECB to douse debt crisis in the euro zone, lifted the euro and investors\u2019 sentiment in the yellow metal. Speaking to reporters in Canada, Merkel showed strong commitment towards preserving the euro even as she approved the resumption of the bond buying program.<\/p>\n<p>However, Friday was relatively quiet as investors now expect some bolder actions not just talk from the central banks. Commenting over this matter, Sonny Tahiliani, managing director at MacroMoves, a New York-based consultancy said to MarketWatch, \u201c<a href=\"https:\/\/stockmarketwatch.com\/metal\/gold-price.aspx\" data-internallinksmanager029f6b8e52c=\"4\" title=\"gold price today\">Gold<\/a> was buttressed initially by Merkel\u2019s supportive [European Central Bank]-related comments, but as usual the effect of political rhetoric is fleeting.\u201d<\/p>\n<p>Since February 2012, gold prices have been tightly range-bound. It has hovered around $1,525-$1675 an ounce in last four months as both the fed and ECB stopped short of offering any aggressive additional monetary easing measures. Investors hope that at least in the second half of the year, central banks swing into action, which in turn strengthen gold\u2019s inflation hedge appeal.<\/p>\n<p>\u201cUntil we see some real stimulus or (quantitative easing) in western economies materialize, I believe we\u2019ll see continued volatility,\u201d added Tahiliani.<\/p>\n<p>Echoing Tahiliani&#8217;s views was Julian Phillips- editor of the GoldForecaster.com and SilverForecaster.com.\u00a0 In a note to investors, Phillips wrote, \u201cAngel Merkel has to do more than simply confirm her confidence in and commitment to the euro.\u201d<\/p>\n<p>Adding some support to bullion on Friday was a day before news report that Spain was all set to ask for euro 100 billion ($123 billion) from the euro zone bailout fund. Nonetheless, European Commission spokesman Olivier Bailly while speaking to reporters denied any such request by Spain.<\/p>\n<p>Meanwhile, gold\u2019s physical demand continues to remain feeble. According to World Gold Council\u2019s report, released earlier this week, the demand for physical metal slumped 7% in the first six months of the year. Even though, central banks continued increasing holdings of gold reserves, demand from dealers and investors from world\u2019s two biggest gold markets\u2014China and India\u2014remain muted due to economic slowdown.<\/p>\n<p>In the U.S., trading volume in gold futures has been consistently 30%-40% lower than 30 days moving average for last two weeks, a data provided by Reuters showed. Investors have preferred to stay on the sidelines before the <a href=\"http:\/\/www.knowfinance.com\/federal-reserve-system-fed\/\" target=\"_blank\" rel=\"noopener\">Federal Reserve<\/a>, which is slated to meet at annual symposium in Jackson Hole, Wyoming on Aug.31, throws more light on additional monetary easing.<\/p>\n<p>Until then, gold is likely to follow currency markets and any weakness in the euro is likely to hurt the demand for the metal.\u00a0 In a note, Sharp Pixely wrote, \u201cGold is still very much in dollar-watching mode.\u201d<\/p>\n<p>Spot gold\u00a0added 30 cents to settle at $1,614.60 an ounce, but slid 0.3% in the week.<\/p>\n<p>U.S. gold futures\u00a0lost 20 cents an ounce to close at $1,619.40. According to Reuters, the trading volume was more than 50% below its 30-day moving average.<\/p>\n<p>The SPDR Gold Trust (ETF) (<a href=\"https:\/\/thestockmarketwatch.com\/stock.aspx?stock=GLD\" target=\"_blank\" rel=\"noopener\">NYSE: GLD<\/a>) ended the day 0.10% higher at $156.72.<\/p>\n<p>Platinum continued to rally on Friday as ongoing labor unrest in world\u2019s third biggest Platinum producer, Lonmin , have resulted in supply chain disruptions. Rival unions clashes in South Africa have claimed more than one dozen lives and production of platinum has to come to a grinding halt, leading to large scale speculative buying.<\/p>\n<p>Spot platinum\u00a0leaped 2.3% to close at $1,467.38 an ounce and sister metal palladium\u00a0climbed 4.2% to settle at $603.75 an ounce.<\/p>\n<div class=\"nr_clear\"><\/div>\n<div id=\"nrelate_popular_2\" class=\"nrelate nrelate_popular nrelate_default nr_1col nr_text\"><\/div>\n<p>\t<!--[if IE 6]>\n\t\t<script type=\"text\/javascript\">jQuery('.nrelate_default').removeClass('nrelate_default');<\/script>\n\t<![endif]--><\/p>\n<p>\t<script type=\"text\/javascript\">\n\t\/* <![CDATA[ *\/\n\t\tnRelate.domain = \"www2.thestockmarketwatch.com%2Fstock-market-news\";\n\t\tvar entity_decoded_nr_mp_url = jQuery('<span\/>').html(\"https:\/\/web.archive.org\/web\/20120821033738\/http:\/\/api.nrelate.com\/mpw_wp\/0.51.2\/?tag=nrelate_popular&domain=www2.thestockmarketwatch.com%2Fstock-market-news&url=http%3A%2F%2Fwww2.thestockmarketwatch.com%2Fstock-market-news%2Fgold-prices-end-almost-flat-but-posts-weekly-losses%2F32651&nr_div_number=2&maxageposts=7200&increment=1\").text();\n\t\tnRelate.getNrelatePosts(entity_decoded_nr_mp_url);\n\t\/* ]]&gt; *\/\n\t<\/script>\n\n\n<div class=\"nr_clear\"><\/div>\n\n\n\n\n<!-- AddThis Button BEGIN -->\n\n\n<div class=\"addthis_toolbox addthis_default_style addthis_32x32_style\">\n<a class=\"addthis_button_preferred_1\"><\/a>\n<a class=\"addthis_button_preferred_2\"><\/a>\n<a class=\"addthis_button_preferred_3\"><\/a>\n<a class=\"addthis_button_preferred_4\"><\/a>\n<a class=\"addthis_button_compact\"><\/a>\n<a class=\"addthis_counter addthis_bubble_style\"><\/a>\n<\/div>\n\n\n<script type=\"text\/javascript\">var addthis_config = {\"data_track_addressbar\":true};<\/script>\n<script type=\"text\/javascript\" src=\"http:\/\/s7.addthis.com\/js\/250\/addthis_widget.js#pubid=pennystocksfinder\"><\/script>\n<!-- AddThis Button END -->\n\n\n\n\n<p>More Posts by this author<\/p>\n\n\n\n<ul>\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/stocks-end-nearly-flat\/32719\">\nStocks End Nearly Flat<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/gold-prices-settle-higher-silver-prices-rally\/32716\">\nGold Prices Settle Higher; Silver Prices Rally<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/stocks-in-red-in-late-trading-7\/32715\">\nStocks in Red in Late Trading<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/stocks-marginally-lower-in-mid-day-trading-3\/32710\">\nStocks Marginally Lower in Mid-Day Trading<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/vascular-solutions-vasc-acquires-venture-catheter-from-st-jude-medical\/32698\">\nVascular Solutions &#8211; VASC &#8211; Acquires Venture\u00ae Catheter From St. Jude Medical<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/mylan-myl-launches-generic-actoplus-met-tablets-and-generic-actos-tablets\/32696\">\nMylan &#8211; MYL &#8211; Launches Generic Actoplus Met\u00ae Tablets and Generic Actos\u00ae Tablets<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/zaza-energy-corporation-zaza-commences-drilling-in-eaglebine-resource-play\/32697\">\nZaZa Energy Corporation &#8211; ZAZA &#8211; Commences Drilling in Eaglebine Resource Play<\/a><\/li>\n\n\n\n<\/ul>\n\n\n\n\n\n\n<hr>\n\n\n\n\n\n<table style=\"border:none;margin:0;\">\n\n\n<tr>\n\n\n<td style=\"padding:5px;vertical-align:top;\" valign=\"top\">\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/web.archive.org\/web\/20120821033738im_\/http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/wp-content\/uploads\/userphoto\/5.jpg\" alt=\"edliston\" width=\"125\" height=\"125\" class=\"photo\"><\/td>\n\n\n\n\n<td style=\"padding:5px;vertical-align:top;\" valign=\"top\">\n\n\n<div style=\"font-size:11pt;\"><b>Post Written By: Ed Liston <\/b><\/div>\n\n\n\n\n<div style=\"font-size:10pt;\">\n\nEd 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<\/div>\n\n\n<\/td>\n\n<\/tr>\n\n<\/table>\n\n\n\n\n\n\n<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>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script>\n\n\t\t\t\t\t\t\n\n\t\n\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\n\n<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gold prices held steady on Friday but lost 0.3% for the week as investors wait for more concrete actions from [&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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