{"id":41890,"date":"2013-02-23T03:06:00","date_gmt":"2013-02-23T03:06:00","guid":{"rendered":"https:\/\/www2.thestockmarketwatch.com\/stock-market-news\/gold-price-settle-lower-logs-second-straight-weekly-loss\/41887\/"},"modified":"2013-02-23T03:06:00","modified_gmt":"2013-02-23T03:06:00","slug":"gold-price-settle-lower-logs-second-straight-weekly-loss","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/gold-price-settle-lower-logs-second-straight-weekly-loss\/41890\/","title":{"rendered":"Gold Price Settle Lower, Logs Second Straight Weekly Loss"},"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:\/\/stockmarketwatch.com\/metal\/gold-price.aspx\" data-internallinksmanager029f6b8e52c=\"4\" title=\"gold price today\">Gold<\/a> futures settled lower, posting 2.3% weekly loss as stronger dollar, concerns that the <a href=\"http:\/\/www.knowfinance.com\/federal-reserve-system-fed\/\" target=\"_blank\" rel=\"noopener\">Federal Reserve<\/a> might review its current economic stimulating measures along with lack of demand for safe haven bets in the backdrop of improving economic outlook triggered technical weakness sending prices down to its seven month low level.<\/p>\n<p><span id=\"more-41890\"><\/span><\/p>\n<p>Earlier on Wednesday, minutes released from the <a href=\"http:\/\/www.knowfinance.com\/federal-reserve-system-fed\/\" target=\"_blank\" rel=\"noopener\">Federal Reserve<\/a>\u2019s latest FOMC showed that policymakers had divided opinion over the continuation of the quantitative easing or $85 billion worth monthly bond purchase program. The minutes stoked fears that the Federal Reserve could either scale down or completely halt economic stimulating measures.<\/p>\n<p>Gold futures for April delivery dropped by $5.80, or 0.4%, to close at $1,572.80 an ounce\u00a0while spot gold last traded near $1,573 an ounce.<\/p>\n<p>Commenting over gold\u2019s downward trend, Julian Phillips, a South Africa-based founder and contributor to GoldForecaster.com said in a research note, \u201cThe reason for the fall in the precious metals was primarily the technical picture, with traders and speculators breaking support and causing prices to free fall to these current levels.\u201d<\/p>\n<p>\u201cInterpretations of the Fed minutes were said to be the reason by some,\u201d added Phillips.<\/p>\n<p>Gold having recovered somewhat on Thursday after the U.S. economic data pointed some weakness in business activities and labor market, retreated again on Friday as lack of any major U.S economic data release prompted investors to unwind positions ahead of the weekend while global rally in equity markets also added sell-off pressure.<\/p>\n<p>With <a href=\"https:\/\/stockmarketwatch.com\/markets\/sp500\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"snp500 today\">S&amp;P 500<\/a> index gaining nearly 6% year-to-date and managing to hold above 1,500 level, bullion investors have hardly any incentive to take bullish bets on gold. Notwithstanding some weak economic data on Thursday, the U.S. economy on the whole looks to be in a better shape, which is discouraging investors to take safe haven bets.<\/p>\n<p>\u201cThe disappointing U.S. data did not change our view that the U.S. economy is recovering,\u201d said Chen Min, an analyst at Jinrui Futures in the southern Chinese city of Shenzhen on Friday, according to Reuters.<\/p>\n<p>With inflationary pressure also under control in some of the world biggest economies such as the U.S. euro zone and China, metal\u2019s inflation-hedge appeal has evaporated.<\/p>\n<p>Earlier on Thursday the Consumer Price Index showed that inflation was under control despite of extremely dovish monetary policy stance adopted by the Federal Reserve.<\/p>\n<p>\u201cThe waning down of the safe-haven play has definitely put pressure on gold, as we have seen the risk-on trade into equities for well over a month now,\u201d said Matthew Schilling, senior commodities trader of futures brokerage RJ O&#8217;Brien, in a note to investors.<\/p>\n<p>Strength in the U.S. dollar also weighed on the demand. The ICE dollar Index, a gauge on U.S. unit\u2019s performance against a basket of six major traded currencies, rose to 81.463 on Friday from 81.377 in late North American trade on Thursday.<\/p>\n<p>Typically, a stronger greenback weighs on the demand for commodities since they are dollar-dominated&#8212;making them expensive to buy for those traders who deal in currencies other than the U.S. dollar.<\/p>\n<p>Meanwhile investors\u2019 faith in gold backed exchange traded funds continued to vanish this week. A data provided by Thomson Reuters showed that the SPDR Gold Trust (ETF) (<a href=\"https:\/\/thestockmarketwatch.com\/stock.aspx?stock=GLD\" target=\"_blank\" rel=\"noopener\">NYSE: GLD<\/a>), world\u2019s largest exchange traded fund, was on course to log biggest weekly outflow since august 2011. Its holdings fell 8.89 tons on Feb. 21 to 1,290.306 tons, the lowest level in more than five month, according to Thomson Reuters.<\/p>\n<p>In some other precious metal markets, <a href=\"https:\/\/stockmarketwatch.com\/metal\/silver-price.aspx\" data-internallinksmanager029f6b8e52c=\"5\" title=\"silver price today\">silver<\/a> futures for March delivery edged lower 24 cents, or 0.8%, to settle at $28.46 an ounce,<\/p>\n<p>Platinum futures for April delivery fell $12.60, or 0.8%, to end at $1,607.40 an ounce while palladium futures for March contract gained $1.70, or 0.2%, to close at $735.30 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\/20130225053048\/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-price-settle-lower-logs-second-straight-weekly-loss%2F41890&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<script id=\"mNCC\" language=\"javascript\">  medianet_width='600';  medianet_height= '250';  medianet_crid='814932888';  <\/script>  <script id=\"mNSC\" src=\"https:\/\/web.archive.org\/web\/20130225053048js_\/http:\/\/contextual.media.net\/nmedianet.js?cid=8CUT71M67\" language=\"javascript\"><\/script> \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\/will-president-obamas-stance-on-sequester-backfire\/41896\">\nWill President Obama\u2019s Stance on Sequester Backfire?<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/washington-post-swings-into-q4-loss-as-it-takes-huge-one-time-charge-wpo\/41891\">\nWashington Post Swings into Q4 Loss as it Takes Huge One-Time Charge (WPO)<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/gold-price-settle-lower-logs-second-straight-weekly-loss\/41890\">\nGold Price Settle Lower, Logs Second Straight Weekly Loss<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/market-update-after-hours-february-22\/41876\">\nMarket Update After Hours February 22<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/forex-market-update-dollar-gains-against-euro-and-yen\/41875\">\nForex Market Update: Dollar Gains Against Euro and Yen<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/stocks-rebound-after-two-straight-days-of-losses-2\/41873\">\nStocks Rebound after Two Straight Days of Losses<\/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-also-fall-3\/41864\">\nGold Prices Settle Lower; Silver Prices also Fall<\/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\/20130225053048im_\/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\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\"\nsrc=\"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 futures settled lower, posting 2.3% weekly loss as stronger dollar, concerns that the Federal Reserve might review its current [&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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