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Comex Gold Sinks To 10-Month Low On EU Worry

Wall Street Journal - May 16, 2012

Gold futures on Wednesday slumped for the 11th time in 13 trading sessions, ending at a 10-month low as worries about Europe's debt crisis and investor demand for the dollar spurred flight from precious metals.

The most actively traded contract, for June delivery, fell $20.50, or 1.3%, to settle at $1,536.60 a troy ounce on the Comex division of the New York Mercantile Exchange. That is the lowest settlement price for a most-active contract since July.

"We've got a flood into [U.S. government] bonds and the dollar right now," said Bob Haberkorn, a senior commodities broker with RJO Futures. "People really want to hold their cash, they're not ready to be putting money into something risky."

Gold has struggled in recent months whenever worries about Europe's sovereign-debt crisis dominate trading. Such concerns have sent investors seeking a safe harbor into the U.S. dollar, pushing the currency higher and pressuring dollar-denominated gold futures by making them appear more expensive for buyers using other currencies. Such dollar gains can also limit demand for gold as a hedge against declines in the currency.

Read Full Article from Wall Street Journal

- Posted: 2012-05-16 14:30:53

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