GOLD SINKS TO LOWEST LEVELS SEEN IN OVER TWO MONTHS
Date: 23/3/2012
Gold prices settled on a pessimistic note on Thursday to the lowest levels seen in over two months as sentiments remained bleak amid growing worries over slowing manufacturing activity not only in world’s second largest Chinese economy but also in the European region. Investors even overlooked the encouraging US initial jobless claims numbers which fell to a four year low in the week ended March 17, the fewest since February 2008, as the moderate strength in American greenback against a basket of currencies made dollar denominated yellow metal more expensive for holders of other currencies.
Gold futures for April delivery declined $7.80 or 0.5% to settle at $1,642.65 an ounce after trading as high as $1,656.60 and as low as $1,627.50 on the Comex division of the New York Mercantile Exchange, whereas the spot gold prices eased 0.4% to $1,642.65 an ounce
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