Sterkere US Dollar doet goudprijs weer dalen.........
Gold prices drifted lower in European trading hours on Tuesday, as the dollar inched higher and markets weighed a focus on fresh easing measures out of China with continued concerns about Europe’s crisis.
Gold for December delivery fell $1.40 to $1,774.50 an ounce on the Comex division of the New York Mercantile Exchange.
A day prior, gold dropped $5.10, or 0.3%, to settle at $1,775.70 an ounce, hit by a downgraded forecast from the World Bank over China growth.
Gold prices fell as the dollar edged up. The ICE dollar, which measures the dollar against a basket of six currencies, traded at 79.662, compared with 79.595 in late North American trading in the previous session.
The dollar had eased earlier in Asia as investors eyeballed potential fresh easing measures from China. The People’s Bank of China, on Tuesday, injected a big dose of liquidity to help ease tight money conditions. That move strengthened hopes for more policy easing from the central bank. PBOC’s Zhou pledges flexible, pre-emptive policy
The markets appeared to be largely shrugging off downwardly revised growth forecasts from the International Monetary Fund on Tuesday. The 2012 global-growth forecast was cut to 3.3% from 3.5% in July, and the 2013 forecast was cut to 3.6% from a prior forecast of 3.9%, owing to lower growth prospects and increased risks.
On Tuesday, European finance ministers meet in Luxembourg with the agenda including Spain and Greece as well as a possible financial-transactions tax and unified banking supervision.
Across other metals markets, silver tracked slight losses for gold, with the December futures down 7 cents to $33.94 an ounce.
December copper futures rose 1 cent to $3.73 a pound.
January platinum rose $6.70, or 0.4%, to $1,705.50 an ounce, while palladium for December delivery rose $4.20, or 0.6%, to $661.15 an ounce.
By Barbara Kollmeyer