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Nov 16, 2012

Emas terjun hampir USD20 per oz

Gold futures drop nearly $20 an ounce
World Gold Council reports fall in third quarter’s global demand.

SAN FRANCISCO (MarketWatch) — Gold futures fell about 1% Thursday, under pressure after a World Gold Council report that global demand weakened in the third quarter.
Overall, the session marked a broad-based pullback for metals futures. Only copper managed to buck the bearish trend.
Gold for December delivery /quotes/zigman/699338 GCZ2 +0.11%  dropped $16.30, or 0.9%, to $1,713.80 an ounce on the Comex division of the New York Mercantile Exchange. It had declined as much as $20.40 during the session, according to FactSet data
Selling sentiment in gold keyed off “a weak demand summary from the World Gold Council partly influenced by very tough year-over-year comparisons to the big runup in gold demand associated with the U.S. budget fiasco in August 2011,” said Richard Hastings, macro strategist at Global Hunter Securities.
In tonnage terms, global demand fell 11% from the year-ago third quarter as China’s appetite for gold investment and jewelry declined, according to the Gold Demand Trends Report released Thursday.
Global demand in the third quarter was 1,084.6 metric tons, down from the record figure of 1,223.5 metric tons seen a year earlier, the report said. In value terms, year-on-year demand dropped 14% to $57.6 billion, with an average gold price of $1,652 an ounce down 3% from the third quarter a year ago.
Meanwhile, the quarter’s global investment in exchange-traded funds jumped 56% from the prior year.
“It is clear from five-year rising demand trends that gold’s fundamental property as a vehicle for capital preservation continues to endure, as evidenced by this quarter’s increase in global ETF investment … and continued purchasing by central banks, the ultimate long-term investors,” said Marcus Grubb, managing director, investment at the World Gold Council
On the currencies front, the dollar offered little direction for gold. The ICE dollar index /quotes/zigman/1652083 DXY +0.02% , which measures the greenback against a basket of six other currencies, edged down to 81.043 from 81.111 late Wednesday.
The report about the slide in global gold demand overshadowed weak U.S. economic data.
Among other things, reports out Thursday showed manufacturing in the New York and Philadelphia regions disrupted by Hurricane Sandy. Also, first-time jobless claims soared to an 18-month high last week, largely a side-effect of Sandy.
Kitco: Nov 15

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