GOLD DECLINES OVER 0.5%; EXTENDS LOSING STREAK
DATE: 17/04/2012
Gold prices declined by over half a percent and extended the losing streak for second straight session on Monday as investors took profits off the table because of the appreciation in US dollar against a basket of currencies as concern grew that Europe's debt crisis is deepening after bond yields in Spain and Italy rose. The mixed US economic reports which on one hand showed a decline in US home builders' confidence while on the other a better than expected rise in US retail sales failed to support the yellow metal prices.
Gold futures for June delivery plunged $10.50 or 0.60% to settle at $1,649.70 an ounce after trading as high as $1,659.60 and as low as $1,642.00 an ounce on the Comex division of the New York Mercantile Exchange, whereas the spot gold prices eased 0.5% to $1,649.71 an ounce.
POWERED BY: SMC ONLINE NEWS
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