New York gold futures ended lower on Friday, but losses were limited on flight-to-quality buying on the back of a sharp equities sell-off, driven by renewed worries that the nascent economy recovery might not be sustainable. December gold settled down $6.70 at $1,040.40 an ounce on the COMEX division of NYMEX.
GOLD: Ranged from $1,049.20 to $1,035.40. December scaled a record high $1,072 on October 14. Gold under pressure as dollar extends gains vs euro due to a sharp Wall Street sell-off. Flight-to-quality buying seen considered gold is holding up well amid heavy losses of equities - GoldCore. Volatility Index surges over 20 percent to above 30, indicating near-term choppiness in equities market. Gold BUGS index tumbles more than 5 percent in the wake of a Wall Street sell-off. Gold has recently moved in tandem with equities.
Bullion's unusual link to the stock market driven by economic uncertainties. Gold futures posted first weekly loss since the week of September 25, after four consecutive weekly gains - Reuters data. Crude oil drops nearly $3 to $77 a barrel, weighing down on gold. Gold-to-oil ratio at 13.53, up from 13.06 from the previous session. COMEX estimated 1 pm volume at 115,602 lots. Spot gold at $1,040.85 an ounce at 2:58 pm EDT (1858 GMT), against $1,044.95 late in New York in the previous session.
SILVER: December silver ends down 40 cents, or 2.4 percent, at $16.255 an ounce, down with gold. Ranged from $16.745 to $16.150. COMEX estimated 1 pm volume at 36,060 lots. Spot silver was at $16.27 versus the $16.63 ounce level seen late in the previous session in New York.
PLATINUM: January platinum finishes down $11.90 at $1,326.30 an ounce on a weaker stock market. Spot platinum was at $1,319.50, compared with late previous session quote of $1,337.50 in New York.
PALLADIUM: December palladium closes down $5.05, or 1.5 percent, at $323.25 an ounce, tracking platinum. Spot palladium was at $320, compared with the previous session's close at $325.50.
Comments
Comments are closed.