Gold fell for a second day as the rally to a 29-week high and lower commodity prices prompted some investors to sell the metal. Platinum declined. Spot gold dropped 0.3 % to $1,765.50 in Asian hours Vs $1,779.50 yesterday, . Gold RSI held for a 15th day above 70, signaling price may decline. December-delivery gold fell as much as 0.3 % to $1,765.60 an ounce on the Comex after reaching a 29-week high of $1,781.80 yesterday, and traded at $1,765.70. Holdings in gold-backed, ETP climbed to a record 2,519.263 metric tons yesterday. In China, spot gold slid 0.6 % to $1,772.59 on the Shanghai Gold Exchange.

 

***Japan followed the U.S.in expanding asset purchases to boost economic growth ; BOJ said it will add 10 trillion yen ($128 billion) to a fund that buys assets.

 

***Gold has risen 9.3% % and the euro up 6 % against the USD.

Cash silver fell as much as 0.3 % to $34.505 before trading at $34.5125, reversing a 0.4 % gain. Spotplatinum lost 0.8 % to $1,627.50 an ounce, and palladium dropped 0.7 % to $667 an ounce.

 

Shayne Heffernan

Shayne Heffernan oversees the management of funds for institutions and high net worth individuals.

Shayne Heffernan holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reached a peak market cap of $15b. He has managed and overseen start ups in Mining, Shipping, Technology and Financial Services.Read the Terms of Service

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