Gold prices fell for a second
straight day on Thursday, hitting a nine-day low, pressured by a strong
dollar and uncertainty over the timing of a US rate hike.
The Wall Street bank maintained its 3/6/12-month forecasts for gold at $1,100, $1,050, and $1,000 an ounce respectively.
The spot price of gold was down 0.1 per cent at $1,165.05 an ounce by 2039 GMT, after touching a new low since Oct. 13 at $1,162.50. It fell 0.8 per cent on Wednesday.
US gold for December delivery, the most-active gold futures contract, settled down $1 at $1,166.10.
The dollar surged as a dovish European Central Bank sent the euro tumbling.
Gold fell to 5-1/2 year lows earlier this year on expectations that the US central bank will raise interest rates this year, potentially lifting the opportunity cost of holding non-yielding bullion.
Silver was up 0.7 per cent at $15.79 an ounce after data showing China imported 338 tonnes of silver in September, up 39 per cent year-on-year. China’s silver imports in the first nine months rose 21.6 per cent from the same period last year.
Platinum rose 0.6 per cent to $1,005.75 an ounce. Palladium also gained 1.6 per cent to $682.97 per ounce.
For more information ✆ – 0731-6642300 or Visit http://www.epicresearch.co
The Wall Street bank maintained its 3/6/12-month forecasts for gold at $1,100, $1,050, and $1,000 an ounce respectively.
The spot price of gold was down 0.1 per cent at $1,165.05 an ounce by 2039 GMT, after touching a new low since Oct. 13 at $1,162.50. It fell 0.8 per cent on Wednesday.
US gold for December delivery, the most-active gold futures contract, settled down $1 at $1,166.10.
The dollar surged as a dovish European Central Bank sent the euro tumbling.
Gold fell to 5-1/2 year lows earlier this year on expectations that the US central bank will raise interest rates this year, potentially lifting the opportunity cost of holding non-yielding bullion.
Silver was up 0.7 per cent at $15.79 an ounce after data showing China imported 338 tonnes of silver in September, up 39 per cent year-on-year. China’s silver imports in the first nine months rose 21.6 per cent from the same period last year.
Platinum rose 0.6 per cent to $1,005.75 an ounce. Palladium also gained 1.6 per cent to $682.97 per ounce.
For more information ✆ – 0731-6642300 or Visit http://www.epicresearch.co
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