Gold falls, with no Yellen lift in ‘broken marke
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Posted On: 10/10/2013 8:00:53 AM
Gold falls, with no Yellen lift in ‘broken market’
MADRID (MarketWatch) — Gold prices slid on Wednesday, as the precious metal saw no positive reaction from news that Janet Yellen will be nominated by President Barack Obama later as the next Federal Reserve chairman. Economists expect Yellen will continue the central bank’s current aggressive stance on monetary easing. Gold is viewed by many as a hedge against inflation, which can be triggered by easy money policies. But gold for December delivery (CNS:GCZ3) fell nearly $14, or 1%, to $1,310.90 an ounce, while the dollar continued to move higher. Silver for December delivery (CNS:SIZ3) fell 27 cents, or 1.2%, to $22.18 an ounce, while base metals were also down, along with copper. Andrew Thrasher, investment analyst at Financial Enhancement Group, said gold looks like a “broken market right now. When it’s unable to rally on good news, you have to take notice.”
MADRID (MarketWatch) — Gold prices slid on Wednesday, as the precious metal saw no positive reaction from news that Janet Yellen will be nominated by President Barack Obama later as the next Federal Reserve chairman. Economists expect Yellen will continue the central bank’s current aggressive stance on monetary easing. Gold is viewed by many as a hedge against inflation, which can be triggered by easy money policies. But gold for December delivery (CNS:GCZ3) fell nearly $14, or 1%, to $1,310.90 an ounce, while the dollar continued to move higher. Silver for December delivery (CNS:SIZ3) fell 27 cents, or 1.2%, to $22.18 an ounce, while base metals were also down, along with copper. Andrew Thrasher, investment analyst at Financial Enhancement Group, said gold looks like a “broken market right now. When it’s unable to rally on good news, you have to take notice.”
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