{"id":38015,"date":"2012-11-28T03:21:00","date_gmt":"2012-11-28T03:21:00","guid":{"rendered":"https:\/\/www2.thestockmarketwatch.com\/stock-market-news\/gold-prices-edge-lower-2\/38011\/"},"modified":"2012-11-28T03:21:00","modified_gmt":"2012-11-28T03:21:00","slug":"gold-prices-edge-lower-2","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/gold-prices-edge-lower-2\/38015\/","title":{"rendered":"Gold Prices Edge 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><a href=\"https:\/\/thestockmarketwatch.com\/metal\/gold-price.aspx\">Gold prices<\/a> slipped for the second successive day on Tuesday after firmer dollar and growing fears on whether the lawmakers in Washington succeed in reaching a deal which would avert \u2018fiscal cliff\u2019 capped gains despite of progress being made by international lenders concerning the Greek debt crisis.<\/p>\n<p><span id=\"more-38015\"><\/span><\/p>\n<p>U.S. <a href=\"https:\/\/stockmarketwatch.com\/metal\/gold\" data-internallinksmanager029f6b8e52c=\"4\" title=\"gold price today\">gold<\/a> futures for December delivery slipped $7.30 an ounce or 0.4% to settle at $1,742.30 and spot gold also edged down 0.4% to close at $1,741.86 an ounce.<\/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 0.42% lower at $168.71.<\/p>\n<p>A data provided by Reuters showed that the trading volume was more than 50 percent above the 250-day average mainly due to a combination of expiration of most active options on Tuesday and contract rollover ahead of first-notice day Friday.<\/p>\n<p>Earlier on Tuesday, market participants took a sigh of relief after both the International Monetary Fund (IMF) and euro zone leaders agreed to release $57 billion to shore up Greece\u2019s financing needs, in return Greece is required to cut its debt level in accordance with lenders\u2019 requirements. The next tranche of funding is likely to be released in second week of December.<\/p>\n<p>Nevertheless, the euro continued to remain weak against the greenback. Even though the euro, climbed as high as $1.3007 against the U.S. dollar, following the euro zone leaders and the IMF deal, it gradually retreated and traded last at 1.2928.\u00a0 According to analysts the overall economic environment is still wobbly in the euro zone and that is the reason why investors prefer to seek safety in greenback.<\/p>\n<p>\u201cThere is a lot of apathy towards the Europe situation right now,&#8221; commented one Hong Kong-based trader while speaking to Thomson Reuters on Tuesday.<\/p>\n<p>\u201cThere are a lot of ifs and maybes in the statement put out by the eurogroup, And in the end, we got a bit of everything, though much of it is on a conditional basis.\u00a0 So, the market seems unconvinced by the Greek deal,\u201d wrote, \u00a0Ben Traynor, chief economist at BullionVault in a note to investors.<\/p>\n<p>Meanwhile, the ICE dollar Index, a gauge on U.S. unit\u2019s performance vis-\u00e0-vis a basket of six major currencies, rose to 80.411 on Tuesday from 80.227 in late North American trade on Monday. Strength in the U.S. dollar curtails the demand for dollar priced commodities since holders of other currencies find them more expensive to buy.<\/p>\n<p>However open interest, a measure on total long and short positions on gold futures remained near 2012 high after Friday\u2019s sharp gains, suggesting that investors are still bullish on gold. The metal rallied almost 1.5% and touched its one month high on Friday.\u00a0 According to Reuters, analysts expect that bullish positions held now could help extending the rally.<\/p>\n<p>In a research note, HSBC\u2019s metal analyst, James Steel wrote, \u201cWe believe gold and <a href=\"https:\/\/thestockmarketwatch.com\/metal\/silver-price.aspx\">silver prices<\/a> will tend towards consolidation, as investors await further developments on the U.S. fiscal cliff negotiations.\u201d<\/p>\n<p>However, metal\u2019s prices could come under pressure if series of spending cuts and tax increases are set off by the U.S. government\u2014in case lawmakers fail to reach a consensus on how to trim down nation\u2019s fiscal deficit before the Christmas. Economists fear that if the \u2018fiscal cliff\u2019 is set off then the U.S. economy could plunge into recession which in turn will hurt gold\u2019s inflation-hedge appeal.<\/p>\n<p>On Tuesday, the Organization of Economic Cooperation and Economic Development urged the lawmakers in Washington to find a middle path during congressional negotiations which could help avert the \u2018fiscal cliff\u2019.\u00a0\u00a0 The OECD urged both sides for a \u201csmooth\u201d implementation for tax increases, spending cuts and higher debt ceiling in the near to midterm even as it warned that massive spending cuts in an event of failure to reach a consensus would not only drag the U.S. economy into recession but also badly impact the global economy.<\/p>\n<p>In some other precious metal markets, <a href=\"https:\/\/stockmarketwatch.com\/metal\/silver\" data-internallinksmanager029f6b8e52c=\"5\" title=\"silver price today\">silver<\/a> fell 0.4% to close at $33.98 an ounce. In platinum group metals, platinum ended almost flat at $1,608.74 an ounce while palladium edged up 0.7% to close at $665.25 an ounce.<\/p>\n<p>&nbsp;<\/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\/20121130220012\/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-edge-lower-8%2F38015&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-on-a-mixed-note-53\/38209\">\nStocks End on a Mixed Note<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/gold-prices-settle-lower-silver-prices-fall-sharply\/38208\">\nGold Prices Settle Lower; Silver Prices Fall Sharply<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/stocks-headed-for-a-lower-finish-48\/38206\">\nStocks Headed for a Lower Finish<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/stocks-in-red-in-mid-day-trading-12\/38205\">\nStocks in Red in Mid-Day Trading<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/omnivision-technologies-ovti-achieved-high-end-of-its-revenues-guidance\/38193\">\nOmniVision Technologies &#8211; OVTI &#8211; Achieved high end of its revenues guidance<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/mentor-graphics-ment-reports-fiscal-third-quarter-results\/38192\">\nMentor Graphics &#8211; MENT &#8211; Reports Fiscal Third Quarter Results<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/christopher-banks-corporation-cbk-same-store-sales-increased-13-7\/38191\">\nChristopher &#038; Banks Corporation &#8211; CBK &#8211; Same-Store Sales Increased 13.7%<\/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\/20121130220012im_\/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 slipped for the second successive day on Tuesday after firmer dollar and growing fears on whether the lawmakers 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