Home
Register
By Frank Tang and Jan Harvey
NEW YORK/LONDON (Reuters) - Gold fell almost 1 percent to a near four-month low on Friday, extending its losing streak a fourth consecutive day, weighed down by book squaring ahead of month end and selling by commodity funds.
For the week, gold lost about 3.5 percent for its worst decline since late November 2013. Heavy technical selling throughout the week sent bullion prices below $1,250 for the first time since Feb. 4.
"It's the end-of-the-month position clearing," said COMEX gold options floor trader Jonathan Jossen.
Some hedge funds are forced to sell commodities to raise cash to pay for losses in their bearish bets against the rallying U.S. government bond prices, Jossen added.
Analysts noted a breakdown of gold's usual inverse correlation with U.S. bond yields. Yields on
10-year U.S. Treasuries fell sharply this week to hit their lowest in 11 months.
Spot gold was down 0.7 percent at $1,247.10 an ounce by 3:22 p.m. EDT (1922 GMT), having earlier hit a low of $1,241.99, its lowest since early February.
U.S. gold futures for August delivery settled down $11.10 an ounce at $1,246.
The yellow metal largely ignored a U.S. government report which showed falling U.S. consumer spending for the first time in a year in April after two months of solid gains, as analysts said the decline is likely temporary given a strengthening jobs market.
Among other precious metals, silver was down 1.3 percent to $18.72 an ounce, while platinum fell 0.5 percent to $1,446 an ounce, and palladium was up 0.3 percent to $833.25.
(Additional reporting by A. Ananthalakshmi in Singapore; Editing by William Hardy and David Goodman)
NEW YORK/LONDON (Reuters) - Gold fell almost 1 percent to a near four-month low on Friday, extending its losing streak a fourth consecutive day, weighed down by book squaring ahead of month end and selling by commodity funds.
For the week, gold lost about 3.5 percent for its worst decline since late November 2013. Heavy technical selling throughout the week sent bullion prices below $1,250 for the first time since Feb. 4.
"It's the end-of-the-month position clearing," said COMEX gold options floor trader Jonathan Jossen.
Some hedge funds are forced to sell commodities to raise cash to pay for losses in their bearish bets against the rallying U.S. government bond prices, Jossen added.
Analysts noted a breakdown of gold's usual inverse correlation with U.S. bond yields. Yields on
10-year U.S. Treasuries fell sharply this week to hit their lowest in 11 months.
Spot gold was down 0.7 percent at $1,247.10 an ounce by 3:22 p.m. EDT (1922 GMT), having earlier hit a low of $1,241.99, its lowest since early February.
U.S. gold futures for August delivery settled down $11.10 an ounce at $1,246.
The yellow metal largely ignored a U.S. government report which showed falling U.S. consumer spending for the first time in a year in April after two months of solid gains, as analysts said the decline is likely temporary given a strengthening jobs market.
Among other precious metals, silver was down 1.3 percent to $18.72 an ounce, while platinum fell 0.5 percent to $1,446 an ounce, and palladium was up 0.3 percent to $833.25.
(Additional reporting by A. Ananthalakshmi in Singapore; Editing by William Hardy and David Goodman)
» CCS.N0000 ( Ceylon Cold Stores)
» Sri Lanka plans to allow tourists from August, no mandatory quarantine
» When Will It Be Safe To Invest In The Stock Market Again?
» Dividend Announcements
» MAINTENANCE NOTICE / නඩත්තු දැනුම්දීම
» ඩොලර් මිලියනයක මුදල් සම්මානයක් සහ “ෆීල්ඩ්ස් පදක්කම” පිළිගැනීම ප්රතික්ෂේප කළ ගණිතඥයා
» SEYB.N0000 (Seylan Bank PLC)
» Here's what blind prophet Baba Vanga predicted for 2016 and beyond: It's not good
» The Korean Way !
» In the Meantime Within Our Shores!
» What is Known as Dementia?
» SRI LANKA TELECOM PLC (SLTL.N0000)
» THE LANKA HOSPITALS CORPORATION PLC (LHCL.N0000)
» Equinox ( වසන්ත විෂුවය ) !
» COMB.N0000 (Commercial Bank of Ceylon PLC)
» REXP.N0000 (Richard Pieris Exports PLC)
» RICH.N0000 (Richard Pieris and Company PLC)
» Do You Have Computer Vision Syndrome?
» LAXAPANA BATTERIES PLC (LITE.N0000)
» What a Bank Run ?
» 104 Technical trading experiments by HUNTER
» GLAS.N0000 (Piramal Glass Ceylon PLC)
» Cboe Volatility Index
» AHPL.N0000
» TJL.N0000 (Tee Jey Lanka PLC.)
» CTBL.N0000 ( CEYLON TEA BROKERS PLC)
» COMMERCIAL DEVELOPMENT COMPANY PLC (COMD. N.0000))
» Bitcoin and Cryptocurrency
» CSD.N0000 (Seylan Developments PLC)
» PLC.N0000 (People's Leasing and Finance PLC)
» Bakery Products ?
» NTB.N0000 (Nations Trust Bank PLC)
» Going South
» When Seagulls Follow the Trawler
» Re-activating
» අපි තමයි හොඳටම කරේ !
» මේ අර් බුධය කිසිසේත්ම මා විසින් නිර්මාණය කල එකක් නොවේ
» SAMP.N0000 (Sampath Bank PLC)
» APLA.N0000 (ACL Plastics PLC)
» AVOID FALLING INTO ALLURING WEEKEND FAMILY PACKAGES.
» Banks, Finance & Insurance Sector Chart
» VPEL.N0000 (Vallibel Power Erathna PLC)
» DEADLY COCKTAIL OF ISLAND MENTALITY AND PARANOID PERSONALITY DISORDER MIX.
» WATA - Watawala
» KFP.N0000(Keels Food Products PLC)
» Capital Trust Broker in difficulty?
» IS PIRATING INTELLECTUAL PROPERTY A BOON OR BANE?
» What Industry Would You Choose to Focus?
» Should I Stick Around, or Should I Follow Others' Lead?