Monthly Archives: March 2012

Gold edged lower and toward $1,700 an ounce on Monday as investors remained cautious following last week's 3.7% loss. News that China trimmed its 2012 economic growth expectations to 7.5% from 8% was also cited as a contributing bearish factor for the metal.

Gold prices settled down $5.90, or 0.3%, to $1,703.90 an ounce in the April futures contract on the Comex in New York. Gold traded between $1,694.40 and $1,718.00 [...]

Proving for the nth time that what happens in China is a pivotal impact factor to the commodities' space, the most recent developments in that country sent base and precious metals prices, along with most global equity markets, lower overnight. The first forecast for lower economic growth in eight years for that country derailed many an asset as the new trading week commenced. Gold and silver were clearly not immune to the negative news [...]

Gold declined Friday with other commodities and U.S. stocks, assuring its biggest weekly loss this year which came to $66.60, or 3.7%.

Many analysts had a bullish attitude toward the yellow metal when closing up shop last week. But sentiment -- at least short term -- quickly changed Wednesday when Fed Chairman Ben Bernanke testified before Congress without signaling another round of monetary easing. Gold plunged 4.3% on that day, recovered a modest 0.6% Thursday and then backed down 0.7% on Friday [...]

Friday's initial tilt in the precious metals markets was to the downside as the US dollar continued to strengthen and it reached 79.30 on the trade-weighted index.

Gold spot prices fell by about $11 to the $1,706 area as the euro slipped to near $1.32 (once again, below its 100-day moving average despite assertions by European officials that the 'contagion' has been 'contained') against the greenback and as crude oil moved lower as well, nearing $108 after reports the Saudi Arabia refuted news about a pipeline explosion having taken place [...]

New legislation introduced in the US House of Representatives calls for a competition-designed commemorative coin celebrating the centennial of America's entrance into World War I.

Named the World War I American Veterans Centennial Commemorative Coin Act and numbered H.R. 4107, the bill seeks up to 350,000 $1 silver coins in year 2017. The United States entered World War I by declaring war against Germany on April 6, 1917 [...]

Precious metals rebounded Thursday from the previous day's trouncing. Gold's recovery was slight at a weakest 0.6% while silver led the metals with a daily pick-up of 2.9%.

After dropping by more than $77 on the previous day, gold prices added $10.90 to $1,722.20 an ounce in the April futures contract on the Comex in New York. Gold bracketed a low and high of $1,695.10 and $1,726.40 [...]