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Vietnam Gold Market News

Vietnam Business » Vietnam Gold Market News » Gold Ends Below $1,197 as Investor Confidence Rises

Gold Ends Below $1,197 as Investor Confidence Rises

Global equities rose to their highest in seven trading sessions, while Wall Street extended its winning streak on stronger-than-expected retail sales in June, which helped reinforce confidence in the upcoming quarterly reporting season.

Gold ended below $1,197 an ounce on Thursday, nearing recent six-week lows, as growing optimism over the global economy limited investor interest in perceived safe-haven assets, although consumers helped contain losses.

Spot gold last stood around $1,198 an ounce late Thursday, compared with $1,201.85 late in New York on Wednesday, when it hit a low of $1,185.05, its lowest since May 25.

U.S. gold futures for August delivery settled down $2.80 at $1,196.10.

"The risk appetite is increasing again," said Jesper Dannesboe, senior commodity strategist at Societe Generale. "Stocks, base metals are all rallying across the board."

"Although its been very profitable to buy gold from the dips, so I wouldnt dare say dont do it anymore," he added.

Gold prices have hit lifetime highs on worries the European debt crisis would spread and the U.S. economy was slowing.

In the euro zone, European Central Bank President Jean-Claude Trichet said the ECB was expecting the euro zones recovery to be moderate and uneven after the blocs interest rates were held at a record low 1.0 %.

Calm Returns

A lot of nervousness in the market had also stemmed from concern that debt-laden nations such as Portugal, Spain or Greece would be unable to access funding.

But a series of solid government bond auctions from both peripheral and core euro zone states, along with the smooth repayment of nearly half a trillion euros worth of emergency one-year loans by the banks to the European Central Bank last week have gone a long way towards soothing that concern.

"I just feel that we could be near the top of the range for gold," said Credit Agricole analyst Robin Bhar. "Maybe there are factors that will help support it, but I dont think youve got the fear factor any more."

Helping to keep gold relatively steady was a pick-up in consumer activity in key buying regions in line with the pullback in the price.

The physical sector saw buying interest from Indonesia and Thailand, but consumers were not too aggressive after prices crossed $1,200 level again, while holdings of gold in the worlds largest gold-backed exchange-traded fund, SPDR Gold Trust, were unchanged at 1,316.481 tons, near late Junes record high.

"Theres still some buying but I guess most people are now waiting for delivery. Physical buying is still there and my premiums have gone up to 80 cents," said a dealer in Singapore.

Jewelers in India have been stocking up ahead of religious festivals, and other physical buyers in Asia snapped up bullion after prices fell.

India, which accounts for more than 20 % of global demand, will celebrate the Hindu festival of Raksha Bandhan on Aug 24, Janmasthami and Ganesh Chaturthi in September.

Across the rest of the precious metals complex, silver last bid at $17.75 an ounce, compared with $18.00 on Wednesday, while platinum neared $1,523 an ounce, versus $1,523.50 and palladium touched $443.50, compared with $446.00.

Vietnam Business And Financial News Network. Source [stox.vn]

More Vietnam Gold Market News:

• Gold Pushes Higher, Ends Above $1,198
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