Kitco:
NEW YORK (TheStreet ) -- Gold prices were recovering Thursday after Wednesday's swoon resulted in the worst single-session loss in three years.
Gold for April delivery was rising $6.40 to $1,717.70 an ounce at the Comex division of the New York Mercantile Exchange. The gold price traded as high as $1,726.40 and as low as $1,695.10 an ounce, while the spot price was gaining $19.80, according to Kitco's gold index.
Silver prices were gaining 39 cents to $35.04 an ounce while the U.S. dollar index was falling 0.05% at $78.779.
"The massacre was attributed to a host of different reasons -- from month end book squaring, to the positive PMI numbers to Bernanke's suggestion that ultra loose monetary policies may soon come to an end," read a report from bullion dealer GoldCore. "None of these reasons would justify the scale of the massive sell offs seen in gold and silver yesterday. Gold and silver markets saw massive sell orders from large institutional sources -- as only large institutions selling could have caused a price falls of the magnitude seen yesterday. There were highly speculative unsourced rumors of an Asian fund selling gold and rumors of a single bullion sale of 31 tonnes or some 1 million ounces by an unnamed seller."
No comments:
Post a Comment