- Angelina Jolie stunt double sues News Corp over hacking
- Kanye West wins over critics with 'daring' new album 'Yeezus'
- Shares choppy, dollar steady as Fed meets
- Massachusetts police search NFL player's home in homicide probe: report
- Journalist who brought down U.S. general is killed in Los Angeles car crash
US gold ends below $1,300/oz after an early breach
NEW YORK, Sept 27 (Reuters) - U.S. gold futures finished Monday barely higher, after nearing its record high in early trade, but volumes were light and some investors were beginning to take profits after the psychologically potent $1,300 per ounce target was breached, analysts said.
* For the latest detailed report, click on [GOL/].
* COMEX December gold futures GCZ0 ended 50 cents higher at $1,298.60 an ounce on the COMEX division of the NYMEX.
* Range ran from $1,295.80 to $1,301.30.
* The contract high was a touch below the record at $1,301.60 set on Friday.
* COMEX estimated final gold volume at 76,294 lots, down about 28 percent from the 30-day average.
* Volumes were light in other precious metal and financial markets as well - traders.
* Gold pushed above the $1,300 an ounce level in early trade, when the euro hit a five-month high against the U.S. dollar - traders.
* Once, the euro slipped off those highs, gold edged down too. But analysts noted the euro's decline was minimal, as was the easing in the gold price - analysts.
* The euro fell from a five-month high against the U.S. dollar as worries about fiscal debt problems in euro zone countries like Ireland weighed on the single currency. [USD/]
* Worries about global economic growth provided the impetus to move gold above the $1,300 threshold for a second day in a row, but technical sellers saw an opportunity to sell when it could not sustain those levels - traders.
* Rick Bensignor, chief market strategist at Execution Noble Llc in New York said he has been recommending for the last few sessions, "for people who are trader oriented, if they are long to take some money off the table."
* "If you are buying gold because you think it's going to $2,000, that's different. But, you are an active trader, $1,300 to $1,320 is the place I'd recommend taking some money off the table," - Bensignor.
* Several other analysts also saw short-term corrective selling on the horizon with downside targets ranging from $1,246 to $1,268 per ounce. [ID:nSGE68Q022]
* Gold bullion edged up to a record $1,300 per ounce in European trade, a hair higher than the previous top at $1,299.95 set on Friday.
* By 3:30 p.m. EDT (1930 GMT), spot gold XAU= changed hands at $1,297.15 an ounce, up slightly from the prior closing bid at $1,295.60 an ounce.
* London afternoon gold was fixed XAUFIX= at $1,297 an ounce.
* COMEX December silver SIZ0 ended up 7.2 cents at $21.4710 an ounce, as investors sought a cheaper alternative in gold's run up.
* Higher range spanned $21.3650 to $21.6450 an ounce, the contract's highest since March 2008.
* COMEX estimated final volume at 24,337 lots, off about 40 percent from the 30-day average.
* Spot silver XAG= climbed to $21.47 in late New York dealings, against $21.41 previously.
* London silver was fixed XAGFIX= higher at $21.54 an ounce.
* Silver, trading at 30-year highs, looks set to continue benefiting from strength in gold prices, but is at risk of a correction if a sluggish economic recovery hurts industrial commodities, metals consultancy GFMS told Reuters in an interview. [ID:nLDE68Q1M9]
* NYMEX October platinum PLV0 settled $9.70 lower at $1,630.10 an ounce, as investors continued to grab profits after its recent advance - traders.
* Spot platinum XPT= slipped to $1,630.50 an ounce, off Friday's close at $1,637.70 a tonne.
* NYMEX December palladium PAZ0 ended with $8.30 losses at $552.20 an ounce, moving down with platinum.
* Spot palladium XPD= fell to $549.50 an ounce from $556.70 an ounce late on Friday. Prices at 3:29 p.m. EDT (1929 GMT)
LAST/ NET PCT YTD
CLOSE CHG CHG CHG US gold GCZ0 1298.60 0.50 0.0% 18.5% US silver SIZ0 21.455 0.072 0.0% 27.4% US platinum PLV0 1630.10 -9.70 -0.6% 10.8% US palladium PAZ0 550.70 -7.80 -1.4% 34.7% Gold XAU= 1297.10 1.50 0.1% 18.3% Silver XAG= 21.45 0.04 0.3% 27.6% Platinum XPT= 1630.50 -7.20 -0.4% 11.3% Palladium XPD= 549.50 -7.20 -1.3% 35.5% Gold Fix XAUFIX= 1297.00 -1.25 -0.1% 17.5% Silver Fix XAGFIX= 21.54 19.00 0.9% 26.8% Platinum Fix XPTFIX= 1634.00 6.00 0.4% 11.5% Palladium Fix XPDFIX= 558.00 1.00 0.2% 38.8% (Reporting by Carole Vaporean; Editing by Marguerita Choy )
- Tweet this
- Share this
- Digg this