Gold Prices Drop in Asia

By Roger Baettig | September 24 2012 4:06 AM

Gold fell more than 1 % on Monday, after investors, encouraged by recent stimulus measures by central banks, pushed prices to the highest level in nearly seven months in the previous session.

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Spot gold fell as much as 1.3 % to $1,759.14 down from $1,787.20 hit in the previous session, its highest since Feb. 29. Gold gained 0.6 % last week in its fifth consecutive week of rises.

U.S. gold dropped 0.8 % to $1,763.40 Gold advanced 11 % this quarter to last week’s close after the U.S. Federal Reserve announced on Sept. 13 a third round of debt-buying to bolster the economy, boosting concern the dollar may weaken while inflation accelerates.

The ECB said on Sept. 6 it planned a bond-purchase program to fight the debt crisis, while the Bank of Japan boosted stimulus and China approved additional infrastructure spending.

**December-delivery bullion fell as much as 1.1 % to$1,759.20 an ounce on the Comex, and traded at $1,765.20.

***Holdings in gold-backed exchange-traded products climbed 0.5% to a record 2,535.55 metric tons on Sep21.

***The Dollar Index gained 0.3 % today.

***Silver dropped as much as 2 % to $33.8462 the lowest level since Sept. 17, and traded at $34.015. ***Platinum declined as much as much as 1.6 % to $1,610, and was at $1,620. Palladium fell as much as 2.1 % to $ and traded at $661.50.

Shayne HeffernanShayne 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