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Commodities Briefing - Categorized | Bullion/Gold, Price Watch more

Gold falls as safe haven traders exit

Posted on 14 October 2008

From Theaustralian.news.com.au: Gold futures closed lower overnight as the market extended heavy losses seen on Friday. US equities gained sharply Monday, and players were seen exiting “safe-haven” gold positions amid the bounce in stocks. Equities were still hanging onto their gains at the gold-pit session close.

December gold futures on the Comex division of the New York Mercantile Exchange got as high as $US875.00 an ounce overnight. But the early rally in stocks triggered selling in the gold market, and the December contract spent the day under water, settling with a loss of $US16.50 to $US842.50 an ounce. December gold did trim losses and ended the day off its lows….. Full Article: Source


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