Forex trends: gold moves away from almost 3-month low

Friday, bullion prices estrange from near 3-month lows on Friday but remained under pressure, hurt by a rising dollar and waning risk appetite among investors.

Spot gold eased by 0.4% to $1,082.80 per ounce as of 2:37 GMT, compared to New York's notional close of $1,086.75. Spot gold hit a low of $1,073.75 on Thursday, the weakest since November, 3.

Gold fell to a near 3-month low Thursday, hit by a stronger dollar and uncertainty over how President Barack Obama's last week proposal to limit risk taking by US banks might impact gold trading. Obama renewed his calls for robust WallStreet reform in his annual State of the Union address on Wednesday.

The weakness in the Eurozone currency prompted funds to further trim their long positions in gold, but Thursday's drop in gold prices to their lowest level since November, 3 was spurring buying from across Asia.

The euro thus extended its downtrend against the dollar to its lowest in more than 6 months helped lift the dollar to a 5-month high against a basket of key currencies on Friday.

Traders consider bullion would diverge from the euro's movement and focus more on the positive prospect of physical buying at current price levels.


US gold futures for April delivery GCJ0 inched down 0.1% to $1,083.70 per ounce, compared to $1,084.80 an ounce on the COMEX division of the NYMEX.

Reflecting weak market sentiment, investment in gold has paused.


The SPDR Gold Trust reported its holdings stood at 1,111.922 tonnes as of January, 28, unchanged from the previous business day.

Around 2:43 GMT the precious metals was quoted as much as:

Metal Last Change Pct chg YTD pct chg Turnover
Spot Gold 1082.85 -3.90 -0.36 -1.17
Spot Silver 16.16 -0.04 -0.25 -3.98
Spot Platinum 1509.50 1.50 +0.10 2.90
Spot Palladium 414.00 -4.50 -1.08 2.10
TOCOM Gold 3140.00 -29.00 -0.92 -3.65 58191
TOCOM Platinum 4349.00 -22.00 -0.50 -0.73 14981
TOCOM Silver 47.60 -1.00 -2.06 -7.93 462
TOCOM Palladium 1191.00 2.00 +0.17 2.23 295



TOCOM prices in yen per gram, except TOCOM silver which is priced in yen per 0,3527 ounces. Spot prices are in $ per ounce.