{"id":42376,"date":"2013-03-07T03:12:00","date_gmt":"2013-03-07T03:12:00","guid":{"rendered":"https:\/\/www2.thestockmarketwatch.com\/stock-market-news\/gold-prices-end-flat-amid-rally-in-u-s-stocks\/42371\/"},"modified":"2013-03-07T03:12:00","modified_gmt":"2013-03-07T03:12:00","slug":"gold-prices-end-flat-amid-rally-in-u-s-stocks","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/gold-prices-end-flat-amid-rally-in-u-s-stocks\/42376\/","title":{"rendered":"Gold Prices End Flat Amid Rally in U.S. Stocks"},"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> settled almost flat on Wednesday as record high valuations of Wall Street stocks along with rally in some other precious metals market in the wake of significantly improving global macroeconomic environment is drying up demand for safe haven bets, which in turn is capping <a href=\"https:\/\/stockmarketwatch.com\/metal\/gold-price.aspx\" data-internallinksmanager029f6b8e52c=\"4\" title=\"gold price today\">gold<\/a>\u2019s gains.<\/p>\n<p><span id=\"more-42376\"><\/span><\/p>\n<p>However, news that South Korea\u2019s central bank increased its gold holdings last month and expectations that recent exodus of investors from gold-backed ETFs will soon come to an end supported prices in spite of strength in the U.S. dollar against most widely traded currencies.<\/p>\n<p>U.S. stocks continued to rally on Wednesday, with <a href=\"https:\/\/stockmarketwatch.com\/markets\/dowjones\/today.aspx\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Dow Jones Today\">Dow Jones<\/a> extending its all-time-high levels after Moody\u2019s Analytics and ADP data showed that the private sector added more-than-expected jobs in February. The data showed 198,000 new additions against economists\u2019 consensus forecast of 169,000 additions.<\/p>\n<p>In a note to investors, Phillip Streible, senior commodities broker at futures brokerage RJ O&#8217;Brien wrote, \u201cYou are going to get less people interested in defensive plays like the precious metals. People are more into buying equities in a risk-on type environment.\u201d<\/p>\n<p>U.S. gold futures ended flat at $1,574.90 an ounce for April delivery while spot gold was almost flat at $1,578 an ounce.<\/p>\n<p>Thus far in the current year bullion has slumped almost 6% and down nearly 18% from its historic high of $1,920.30 an ounce, touched in September 2011 when euro zone debt crisis and macroeconomic uncertainty in the U.S. as lawmakers wrangled over debt ceiling limit, boosted metal\u2019s safe haven appeal.<\/p>\n<p>Although the <a href=\"http:\/\/www.knowfinance.com\/federal-reserve-system-fed\/\" target=\"_blank\" rel=\"noopener\">Federal Reserve<\/a>\u2019s $85 billion monthly bond purchase program is on, lack of inflationary pressure is weighing on metal\u2019s inflation-hedge appeal as well.<\/p>\n<p>On Wednesday however metals found some support as multi-high years high valuations of U.S. stocks (all-time-high in case of Dow Jones Index), fanned fears that current rally might to turn in to a stock market bubble, prompting investors to seek safety in gold, said traders according to Reuters.<\/p>\n<p>South Korea\u2019s Central Bank Increases Holdings in Gold<\/p>\n<p>South Korea\u2019s central bank announced on Wednesday that it purchased 20 tons of gold in February 2013. February marked the fifth month in last two years when South Korea has purchased gold. Country\u2019s total holding is now estimated at 104.4 tons.<\/p>\n<p>Nonetheless, investors\u2019 mass exit from gold-backed exchange traded funds is keeping sentiment on the yellow metal subdued, notwithstanding some renewed buying interest in the physical metal from Asia, especially China.<\/p>\n<p>Holdings of SPDR Gold Trust (ETF) (<a href=\"https:\/\/thestockmarketwatch.com\/stock.aspx?stock=GLD\" target=\"_blank\" rel=\"noopener\">NYSE: GLD<\/a>), world\u2019s largest gold-backed exchange traded fund, saw its holdings fall for the record 11<sup>th<\/sup> straight session on Wednesday to a sixteen month low level of 1,244.855 tons, showed a data provided by Reuters.<\/p>\n<p>\u201cSouth Korea&#8217;s gold purchases &#8211; and probably those of other central banks &#8211; were only able to offset February&#8217;s outflows from gold ETFs in part. The outflows are continuing up to the current edge, yesterday seeing further outflows of 8.5 tonnes,\u201d wrote Commerzbank in its note to investors.<\/p>\n<p>\u201cFor the first time since mid-September, holdings of gold ETFs have fallen to below 2,500 tonnes again. For as long as this trend persists, the gold price is hardly likely to achieve any significant recovery,\u201d added Commerzbank.<\/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 May delivery added\u00a0 20 cents, or 0.7%, to close at $28.80 an ounce.<\/p>\n<p>April platinum futures fell $5.90, or 0.4%, to end at $1,579.80 an ounce while June palladium\u00a0edged up \u00a0$5.45, or 0.7%, to settle at $740.05 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\/20130310043435\/http:\/\/api.nrelate.com\/mpw_wp\/0.51.4\/?tag=nrelate_popular&domain=www2.thestockmarketwatch.com%2Fstock-market-news&url=http%3A%2F%2Fwww2.thestockmarketwatch.com%2Fstock-market-news%2Fgold-prices-end-flat-amid-rally-in-u-s-stocks%2F42376&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\/20130310043435js_\/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\/ann-incs-q4-earnings-beat-estimate-share-rally-ann\/42469\">\nAnn Inc\u2019s Q4 Earnings Beat Estimate, Share Rally (ANN)<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/mcdonalds-reports-less-than-feared-drop-in-same-store-sales-mcd\/42467\">\nMcDonald\u2019s Reports Less Than Feared Drop in Same-Store Sales (MCD)<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/stocks-end-higher-dow-jones-closes-at-yet-another-record-high\/42465\">\nStocks End Higher; Dow Jones Closes at Yet Another Record High<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/gold-prices-edge-higher-silver-prices-also-gain-21\/42462\">\nGold Prices Edge Higher; Silver Prices also Gain<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/u-s-stocks-held-modest-gains-european-equities-close-higher\/42457\">\nU.S. Stocks Held Modest Gains, European Equities Close Higher<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/forex-market-update-dollar-slips-against-euro-edges-higher-against-yen\/42453\">\nForex Market Update: Dollar Slips Against Euro; Edges Higher Against Yen<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/u-s-stocks-edge-higher-dow-jones-extends-all-time-high-level\/42450\">\nU.S. Stocks Edge Higher, Dow Jones Extends All-Time-High Level<\/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\/20130310043435im_\/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 prices settled almost flat on Wednesday as record high valuations of Wall Street stocks along with rally in some 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