For the second straight session, gold experiences losses
San Francisco, CA -- (SBWIRE) -- 10/09/2012 -- Golf futures fell as the dollar’s advancement curbed demand on alternative investments for metals. The fall for the previous metal is part of two straight sessions of loss.
Greenbacks rose 0.5% against major currencies as speculation of Spain’s struggles to avoid bailout help hampered Euro currencies. Gold had previously reached its 11-month high following unemployment rates falling for to its lowest mark since 2009.
“The dollar is keeping the market quiet,” Pratik Sharma, a fund manager at Miami-based Atyant Capital, said in a telephone interview. “There is also some profit-taking.”
Gold futures fell 0.3% to $1,775.70 an ounce on the Comex in New York. The metal had reached its highest contract since November 9 when it reached 1,798.10 on October 5.
A stimulus program for U.S., Europe, and Japan coupled with lowered interest rates had gold advance to 5.1% as the appeal for alternative currencies rose.
Silver futures slumped as well, falling 1.6% to $34.017 an ounce. That marks the largest drop since September 24.
Platinum also experienced a slight plunge as it fell 0.5% drop to 1,698.80 on the New York Mercantile Exchange.
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