Gold slumps as Japan intervention lifts USD * *PIC*

Please feel welcome to join in on these informative ongoing discussions about trading futures and commodities.

The Trading Forum is intended for the open discussion of commodities trading. The management of this Forum does not agree or disagree with the ideas exchanged, and does not exert editorial control over the message posted herein. Read and post at your own risk. The risk of loss in trading or commodities can be substantial. We discourage the use of this Forum to promote trading that is acknowledged to be risky. Please note: many links from the Forum lead to pages on other web sites. We cannot take responsibility for nor endorse the information presented on those sites.

Forum Policy

Return to Index

TFC Commodity Trading Forum

Gold slumps as Japan intervention lifts dollar ( GC1Z DXY ) (by Nick Godt)

MUMBAI (MarketWatch) -- Gold futures fell on Monday as Japan intervened in currency markets to pressure the yen, giving a sharp lift to the dollar and pressuring the precious metal along with commodities. Gold for December delivery (gc1z) fell $29.10, or 1.7%, to $1,718.10 an ounce. Last week, the precious metal rose 6.8% after European leaders announced a plan to tackle the region's sovereign debt crisis. The announcement lifted the euro and took out some safe-haven flows from the dollar. But in Japan, concerns have mounted over the competitiveness of exports as first the euro and then the dollar slump sent the yen to post-World War II highs. On Monday, Finance Minister Jun Azumi said that the Bank of Japan had intervened in the currency market to stem the yen's appreciation.

Forum Policy

Return to Index