GOLD
(Bloomberg) Gold tumbled the most in more than four months to below $1,700 an ounce as U.S. payrolls in October rose more than forecast, easing pressure on the Federal Reserve to expand monetary stimulus. A government report showed a net 171,000 workers were hired after a 148,000 gain in September that was more than estimated. The dollar headed for the biggest gain since July 20 against a basket of currencies, eroding the appeal of gold as an alternative investment. Gold futures for December delivery tumbled 2.3 percent to settle at $1,675.20 at 1:49 p.m. on the Comex in New York, the biggest drop for a most-active contract since June 21. Earlier, the metal touched $1,674.80, the lowest since Aug. 31. This week, gold fell 2.1 percent, the fourth straight decline and the longest slump since September 2011. Gold reached a 10-month high approaching $1,800 on Oct. 5 on speculation that fiscal stimulus in the U.S., Europe and Japan enhanced the appeal of the metal as an alternative to currencies.
(Bloomberg) Gold tumbled the most in more than four months to below $1,700 an ounce as U.S. payrolls in October rose more than forecast, easing pressure on the Federal Reserve to expand monetary stimulus. A government report showed a net 171,000 workers were hired after a 148,000 gain in September that was more than estimated. The dollar headed for the biggest gain since July 20 against a basket of currencies, eroding the appeal of gold as an alternative investment. Gold futures for December delivery tumbled 2.3 percent to settle at $1,675.20 at 1:49 p.m. on the Comex in New York, the biggest drop for a most-active contract since June 21. Earlier, the metal touched $1,674.80, the lowest since Aug. 31. This week, gold fell 2.1 percent, the fourth straight decline and the longest slump since September 2011. Gold reached a 10-month high approaching $1,800 on Oct. 5 on speculation that fiscal stimulus in the U.S., Europe and Japan enhanced the appeal of the metal as an alternative to currencies.
Support
|
Resistance
|
|
GOLD
|
1662.40
|
1704.80
|
1647.20
|
1732.00
|
|
1604.80
|
1774.40
|
No comments:
Write comments