Mish's Global Economic Trend Analysis Message Board

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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: RealMuLan who wrote (21614)	1/17/2005 11:37:33 PM
From: RealMuLan	Read Replies (1) of 116555

Gold end lower on weak demand, down-trend in Asia: [Business India]: New Delhi, Jan 17 : Gold prices declined on the bullion market today on emergence of selling by stockists triggered by a weak overseas trend and closed with a loss of Rs 20 at Rs 6090 per ten gram. Trading sentiment also weakened following reduced offtake on off marriage and festival season. Marketmen said the sellers continued to hold the market in the absence of any fresh demand from local parties due to off season and a weak trend in other Asian markets. The yellow metal quoted lower in the region as dollar rose against the euro, eroding the appeal of the metal as an alternative to the US currency and making it more expensive for buyers using other currencies. Gold for immediate delivery fell 1.41 dollar, or 0.3 per cent, to 421.34 dollar an ounce compared with 422.75 dollar in New York in previous close. Some Japanese trading houses were selling the metal to cut losses on their long positions after the bullion's declines on Friday. Traders said the market would closely watch US investment data to be announced tomorrow and the behaviour of the dollar would depend on the amount of inflow into the US. Silver also showed a weak trend on lack of follow up support and surrendered moderate ground. Silver ready declined by Rs 10 at Rs 10,040 per kilo and weekly-based delivery by Rs 5 at Rs 10,125 per kilo. Silver coins held unchanged at Rs 14,200 for buying and Rs 14,400 for selling of 100 pieces. Standard gold and ornaments dropped by Rs 20 each at Rs 6090 and Rs 5940 per ten gram respectively. Sovereign held unchanged at Rs 5200 per piece of eight gram. PTI athens-olympics-2004.newkerala.com

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