Gold ends a tad lower as dollar firms

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VietnamNet English - 73 month(s) ago 3 readings

Gold ends a tad lower as dollar firms

Gold futures on the COMEX Division of the New York Mercantile Exchange ended a tad lower Monday, snapping a three-session winning streak, as a stronger dollar reduced the appeal of gold as an alternative asset.

The most active gold contract for April delivery dipped 1 dollar, or 0.05 percent, to 1,734.4 dollars per ounce.

The dollar recovered on Monday amid renewed worries over the Greek debt crisis, as reports said Greece private sector and government talks on debt restructuring have made some progress but still have not come to a complete resolution.

Gold gained some support from re-emerging safe-haven buying, but gradually gave back earlier gains, as a stronger dollar singed the interest in precious metals among buyers who hold other currencies.

The recent lull in gold prices has also been attributed to profit taking, which is considered healthy for their present near- term uptrends, after traders sold gold to take profits following last week's strong surge.

"Since December's huge sell-off it has become apparent traders are less willing to marry positions and more inclined to take profits when available," said Mike Daly, a gold specialist with PFGbest here in Chicago.

Silver for March delivery dipped 26.3 cents, or 0.8 percent, to 33.527 dollars per ounce. Platinum for April delivery fell 6.7 dollars, or 0.4 percent, to 1,616.3 dollars per ounce.


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