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US GOLD - Comex gold leaks below $1,600/oz in lethargic trade
Gold on the Comex division of the big apple Mercantile Exchange drifted below $1,600 an oz. Tuesday with today's possibility expiration generating some ever-so-mild selling pressure.
Gold futures for February delivery were last down $7.20 at $1,598.80 an oz.. costs have ranged from $1,592.70 to $1,605.70.
“The market ought to keep during this $1,585-$1,620 space for remainder of the week in choppy, low volume vacation season trade,” a US-based gold trader said.
“But we tend to are seeing a slow lurch toward all-time low [end of the range] as few traders are daring enough to open new positions till the calender turns. The sidelines are the popular location,” he added.
Commodities, in general, are tame with the markets taking their cues from the quiet nature of the currency markets, Dennis Gartman, the editor of the Gartman Letter, said.
“The dollar is stable and moving little, thus unless there's one thing indigenous and material to every specific commodity market there's very little otherwise to maneuver those markets,” Gartman said.
“There has been very little said or done relating to the issues in Europe over the long weekend, nor did anyone expect something consequential to develop,” he added.
In the wider markets, the euro was last up a few quarter cent at one.3083 against the dollar, whereas the Dow Jones industrial average and S&P five hundred opened zero.16 p.c and zero.29 p.c higher, respectively.
Equity markets received a modest boost when the Conference Board reported that US shopper confidence rose by nine.3 points in December to sixty four.5, that followed a fourteen.3-point rise the previous month.
“Looking ahead, shoppers are a lot of optimistic that business conditions, employment prospects and their money things can still heal,” Lynn Franco, Conference Board director, said in a very note.
“While shoppers are ending the year in a very somewhat a lot of upbeat mood, it's timely to inform if this can be a rebound from earlier declines or a sustainable shift in attitudes,” Franco added.
However, not all the news was positive. The S&P/Case-Shiller index of ten major metropolitan areas and also the 20-city index declined one.1 p.c and one.2 p.c month-on-month in October. The 10- and 20-city composites additionally posted annual returns of -3.0 p.c and -3.4 p.c versus October 2010.
“There was weakness within the monthly statistics, as nineteen of the cities posted value declines in October over September,” David Blitzer, chairman of the Index Committee at S&P Indices, said in a very statement.
“Eleven of the cities and each composites fell by one.0 p.c or a lot of throughout the month. And even if a number of the annual rates are improving, eighteen cities and each composites are still negative. Nationally, home costs are still below where they were a year ago,” Blitzer added.
As for the opposite precious metals, Comex silver for March delivery was down eight.9 cents at $28.995 an oz. in big apple. Trade has ranged from $28.720 to $29.220.
Platinum futures for January delivery on the Nymex were up $6.90 at $1,436.40 an oz., whereas the March palladium contract was last at $659.30, down $6.95.
Gold on the Comex division of the big apple Mercantile Exchange drifted below $1,600 an oz. Tuesday with today's possibility expiration generating some ever-so-mild selling pressure.
Gold futures for February delivery were last down $7.20 at $1,598.80 an oz.. costs have ranged from $1,592.70 to $1,605.70.
“The market ought to keep during this $1,585-$1,620 space for remainder of the week in choppy, low volume vacation season trade,” a US-based gold trader said.
“But we tend to are seeing a slow lurch toward all-time low [end of the range] as few traders are daring enough to open new positions till the calender turns. The sidelines are the popular location,” he added.
Commodities, in general, are tame with the markets taking their cues from the quiet nature of the currency markets, Dennis Gartman, the editor of the Gartman Letter, said.
“The dollar is stable and moving little, thus unless there's one thing indigenous and material to every specific commodity market there's very little otherwise to maneuver those markets,” Gartman said.
“There has been very little said or done relating to the issues in Europe over the long weekend, nor did anyone expect something consequential to develop,” he added.
In the wider markets, the euro was last up a few quarter cent at one.3083 against the dollar, whereas the Dow Jones industrial average and S&P five hundred opened zero.16 p.c and zero.29 p.c higher, respectively.
Equity markets received a modest boost when the Conference Board reported that US shopper confidence rose by nine.3 points in December to sixty four.5, that followed a fourteen.3-point rise the previous month.
“Looking ahead, shoppers are a lot of optimistic that business conditions, employment prospects and their money things can still heal,” Lynn Franco, Conference Board director, said in a very note.
“While shoppers are ending the year in a very somewhat a lot of upbeat mood, it's timely to inform if this can be a rebound from earlier declines or a sustainable shift in attitudes,” Franco added.
However, not all the news was positive. The S&P/Case-Shiller index of ten major metropolitan areas and also the 20-city index declined one.1 p.c and one.2 p.c month-on-month in October. The 10- and 20-city composites additionally posted annual returns of -3.0 p.c and -3.4 p.c versus October 2010.
“There was weakness within the monthly statistics, as nineteen of the cities posted value declines in October over September,” David Blitzer, chairman of the Index Committee at S&P Indices, said in a very statement.
“Eleven of the cities and each composites fell by one.0 p.c or a lot of throughout the month. And even if a number of the annual rates are improving, eighteen cities and each composites are still negative. Nationally, home costs are still below where they were a year ago,” Blitzer added.
As for the opposite precious metals, Comex silver for March delivery was down eight.9 cents at $28.995 an oz. in big apple. Trade has ranged from $28.720 to $29.220.
Platinum futures for January delivery on the Nymex were up $6.90 at $1,436.40 an oz., whereas the March palladium contract was last at $659.30, down $6.95.
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