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Gold may drop as Italy moved toward trimming its debt
Gold may drop as Italy moved toward trimming its debt, easing concern that Europe’s fiscal crisis will worsen and damping demand for haven investments. Gold for immediate delivery traded little changed at $US1746.52 an ounce after declining 0.2 per cent earlier. The metal rose 3.8 per cent last week after South Korea bought the metal and holdings in exchange-traded products expanded to a record. February-delivery futures were little changed at $US1750.10 an ounce on the Comex in New York. “Gold will continue to track sideways as it behaves both as a commodity and as a haven,” said Lv Xiaowei, an analyst at First Futures Co. in Tianjin. “Europe’s problems won’t get solved overnight so that will keep a floor on prices.” Italian Prime Minister Mario Monti will present a 30 billion-euro austerity package to parliament today after his Cabinet approved the plan yesterday, driving stocks and crude higher today. The [...]
Gold gives up early gains in London trade
Gold gave up early gains on Monday but was still supported by euro zone debt woes after ministers delayed a decision on emergency loans to Greece, while bullion priced in sterling struck a lifetime high. Euro zone finance ministers postponed to July a final decision on extending a further 12 billion euros in emergency loans to Greece, saying Athens would first have to introduce harsh austerity measures. Spot gold was at $1,537.21 by 0930 GMT (5:30 a.m. ET) compared with $1,538.40 a tonne late in New York on Friday, having risen above $1,541 on Friday — its biggest one-day gain since May. Gold is still below a lifetime high around $1,575 touched in early May. “It’s treading water, you’re not going to get too much movement either way until we get more clarification as to what happens on Greece,” Credit Agricole analyst Robin Bhar said. “The market is hungry for [...]
