Gold Gives Up Early Gains; Tracks Equities Lower
Gold fell on Thursday after a rebound in the U.S. dollar erased early gains, while weaker equities also prompted investors to sell bullion to cover losses while waiting for more clues on the health of the U.S. economy.
Traders said the upcoming end-of-quarter was dampening trade, while the release of U.S. weekly jobless claims later could set the tone for the dollar. Economists in a Reuters survey forecast a total of 350,000 new filings compared with 348,000 in the prior week.
Gold hit a high of $1,664.79 an ounce before slipping to $1,661.30 by 0313 GMT, down $1.82. Gold fell 1.3 percent on Wednesday after data showing a smaller-than-expected rise in new U.S. manufactured goods orders spurred selling in commodities.
“There’s end-quarter selling, some profit taking, and the dollar is a bit strong. People are only buying a small amount of physical gold because I think the global economy is still struggling,” said Ronald Leung, director of Lee Cheong Gold Dealers in Hong Kong.
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Posted by WoodlawnPost
on Mar 30 2012. Filed under Precious Metals.
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