#KITCO P.M. ROUNDUP: #Gold Ends Down, at 3-Week Low, in Active Trading; Pressured by Stronger U.S. Dollar ▸ OnKit.co/qBcKe Gold prices ended a busy U.S. day session with moderate losses and hit a three-week low Thursday, weighed down by a higher U.S. #dollar index and some upbeat U.S. economic data. December #Comex gold was last down $12.00 at $1,305.80 an ounce. Spot gold was last quoted down $11.60 at $1306.50. December Comex #silver last traded down $0.168 at $21.605 an ounce. Gold prices saw a short-lived pop in the immediate aftermath of a somewhat surprising move by the European Central Bank to cut its key interest rate Thursday. However, gains in gold quickly faded and fresh selling pressure surfaced because the #USD index shot sharply higher on the #ECB news, while the Euro currency slumped. Then shortly after the ECB rate-cut news, U.S. #GDP data showed a much stronger-than-expected reading, at up 2.8% on an annual basis in the third quarter versus expectations of a 2% to 2.5% rise. That gave the greenback an added boost and put downside price pressure on gold and silver. The U.S. dollar index did back off its daily high by the close, which also allowed the gold market to move up from its daily lows. The much-anticipated ECB monthly monetary policy meeting Thursday saw the central bank cut its key lending rate by 0.25%, to 0.25%. While there were growing beliefs the ECB would at some point cut its key interest rate and further ease its monetary policy, the majority of analysts and economists polled believed the ECB would not make any policy move on Thursday. There was a contingent of market watchers that believed the ECB would move to ease its monetary policy at its December meeting, when fresh economic statistics will also be released by the ECB... [continued]
Posted on: Thu, 07 Nov 2013 20:09:11 +0000
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