Posts Tagged ‘gold futures’
Cattle & Hogs Go Up as Dollar Drops; Gold may Fall on Record Prices
Cattle futures went up and hogs advanced after the dollar slid, spurring the demand for commodities as an alternative investment. The U.S. currency declined versus a basket of six major currencies. February futures for cattle delivery added $0.00475 (0.6 percent) to $0.85225 per pound as of 10:06 on CME. February futures for hog’s settlement gained $0.004 (0.6 percent) to $0.0642 per pound.
Gold futures may decline as some investors sell after the precious metal reached a record high this year. Analysts think that gold rally is curbed until demand outpaces supply. February delivery for gold futures dropped $0.30 to $1,104.50 per ounce by 10:52 on the New York Mercantile Exchange’s Comex unit.
Will Gold Fall after Dollar Gained?
Gold slid on speculation that the dollar will extend a rally, eroding appeal of the precious metal as an inflation hedge. The greenback advanced for a fourth straight session against a basket of six major currencies. Gold futures often move inversely to the U.S. currency.
Gold doesn’t have much buying interest. Expectations of a drop in a futures signal that a growing proportion of market players consider the current gold price as unsustainable. This concern can put gold under considerable pressure.
December futures for gold delivery slid $4.90 (0.5 percent) to $1,037.90 per ounce by 10:56 on the Comex division of the New York Mercantile Exchange, ending a four-session decline, the longest fall since the period ended August 10th.
U.S. Gold Futures Hit Record High at $930 an Ounce
Gold futures in New York rose to a record high in electronic trading on Tuesday, on the back of a weaker U.S. dollar and expectations of more interest rate cuts in the United States.
The active gold for February delivery GCG8 on the COMEX division of the New York Mercantile Exchange hit a high of $930 an ounce, surpassing Monday’s record high. The contract settled up $16.40 at $927.10 an ounce on Monday.
