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Economy
In reply to the discussion: STOCK MARKET WATCH -- Friday, 13 January 2012 [View all]
xchrom
(108,903 posts)35. PRECIOUS-Gold eases as euro dips, heads for weekly gain
http://uk.reuters.com/article/2012/01/13/markets-precious-idUKL3E8CD22Z20120113
London, Jan 13 (Reuters) - Gold eased on Friday, taking a breather from this week's march higher as the euro dipped and other assets rose, but stayed on track for its biggest two-week rise in two months as investors returned to the market after last month's price drop.
Spot gold was down 0.5 percent at $1,641.80 an ounce at 1240 GMT, while U.S. gold futures for February delivery were down $4.50 an ounce at $1,643.20.
Cash gold prices have risen 5 percent so far this year despite a firmer tone to the dollar, as investors bought back into the market after gold's 10 percent price drop in December.
"I'm always a bit suspicious of interpreting too much of price action in the first couple of weeks of a new year. It's not typically very fundamental," said Deutsche Bank analyst Michael Lewis. "It could well be valuational momentum that is driving these moves rather than anything else."
London, Jan 13 (Reuters) - Gold eased on Friday, taking a breather from this week's march higher as the euro dipped and other assets rose, but stayed on track for its biggest two-week rise in two months as investors returned to the market after last month's price drop.
Spot gold was down 0.5 percent at $1,641.80 an ounce at 1240 GMT, while U.S. gold futures for February delivery were down $4.50 an ounce at $1,643.20.
Cash gold prices have risen 5 percent so far this year despite a firmer tone to the dollar, as investors bought back into the market after gold's 10 percent price drop in December.
"I'm always a bit suspicious of interpreting too much of price action in the first couple of weeks of a new year. It's not typically very fundamental," said Deutsche Bank analyst Michael Lewis. "It could well be valuational momentum that is driving these moves rather than anything else."
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