Gold Ends Lower On Dollar, Greece |
| Wall Street Journal - Jan 24, 2012 |
Gold prices slipped Tuesday, ending lower for the first time in three days, amid pressure from a stronger dollar and worries about Greece.
Some investors also chose to leave the market ahead of a Federal Reserve monetary policy announcement and interest rate forecasts, due at the end of a two-day meeting Wednesday. While most analysts expect the Fed to maintain its easy money policies, some may be disappointed by an expected lack of further monetary stimulus.
The most actively traded contract, for February delivery, settled down $13.80, or 0.8%, at $1,664.50 a troy ounce.
Dollar-denominated gold bowed to the pressure of a stronger greenback, as the ICE Dollar Index rallied to an intraday high of 80.184. Gold futures are priced in dollars and seem dearer to investors using foreign currencies when the greenback strengthens.
Investors cut back their gold holdings amid fresh concerns about Greece, which is struggling to reach a deal with its private-sector creditors. The deadlock threatens Greece's ability to secure the next installment of bailout aid, tipping the risk of a catastrophic sovereign debt default.
Read Full Article from Wall Street Journal
- Posted: 2012-01-24 15:29:16
| More Stock Investor Place Top Stories |
 |
|
|
|
| Stock Investor Place Top Stories Archive |
|
|
|
