Gold Hit on Worry of Possible G-7 Currency Salvo
by Myra P. Saefong and Barbara Kollmeyer
Market Watch
SAN FRANCISCO (MarketWatch) — Gold futures took a sharp turn south on Monday, tracking losses across commodities, as investors fretted about a potential statement aimed at cooling currency rhetoric from Group of Seven officials.
Gold for April delivery slumped $15.40, or nearly 1%, to $1,651.50 an ounce on the Comex division of the New York Mercantile Exchange. Gold fell $4.40 Friday to log a loss of 0.2% for last week. See: Gold ends below $1,670, logs minor weekly loss.
The speculation over the G-7 statement is having an impact on gold and silver as traders are “squaring off their open positions,” preferring to remain on the sidelines before a meeting expected later this week, said Chintan Karnani, an independent bullion consultant based in New Delhi.
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2013-02-11 11:01:44
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