CHICAGO, Jan. 28 (Chinese media) -- The gold market in New York clearly disappointed the bull camp with its action on Wednesday. Gold fell for a second straight day despite rising oil futures and the moderately softened dollar.
Apparently investors' appetite for higher risk portfolios like stocks undermined the gold market. The Dow Jones Industrial Average climbed 200.72 points, or 2.5 percent, to 8,375.45. As usual, strong gains in the equity market siphoned off money from the gold market.
Surprisingly the sharp slide in Treasuries late in the trading session failed to inspire the gold bulls. Market continued to see profit taking off the recent highs.
Gold futures for April delivery fell 11.40 U.S. dollars, or 1.3percent, to 890 dollars an ounce on the New York Mercantile Exchange. The contract closed at 910.70 dollars on Jan. 26.
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