Gold slumps, CFTC votes on "speculative curb" measures, Asia "could form new pool of liquidity" for precious metals market.
Author: Ben TraynorPosted: Tuesday , 18 Oct 2011
LONDON -
The dollar gold price fell 1.4% in less than half an hour to $1638 per ounce Tuesday lunchtime in London - while stock markets also fell sharply - after investment bank Goldman Sachs announced a third quarter net loss of $393 million.
The loss - Goldman's second ever as a listed company - represents 84 cents per share, compared to a Bloomberg analysts' consensus forecast of 11 cents.
Earlier trading saw gold bullion prices steadily decline throughout Tuesday morning - along with stocks and commodities - after China's GDP figures showed an economic slowdown and doubts were raised about France's sovereign credit rating.
On the currency markets, the Euro fell for the second day running against the Dollar.
Meanwhile in Washington, US regulator the Commodity Futures Trading Commission was set to vote later today to set "position limits" on traders in a range of markets, including silver and gold futures.
Aimed at "curbing excessive speculation", the position limits are one of 32 areas demanding new CFTC regulation under the Dodd-Frank finance bill.
The CFTC vote comes just one day after the Chinese Gold & Silver Exchange Society launched the Yuan-denominated Kilobar Gold contract in Hong Kong - the world's first Yuan-denominated gold contract outside mainland China. ..........
http://www.mineweb.com/mineweb/view/mineweb/en/page504?oid=137750&sn=Detail&pid=102055
All information on this website is for educational purposes only and is not intended to provide financial advise. Any statements about profits or income, expressed or implied, does not represent a guarantee. Your actual trading may result in losses as no trading system is guaranteed. You accept full responsibilities for your actions, trades, profit or loss, and agree to hold MinKL Invest harmless in any and all ways.
No comments:
Post a Comment