8th May 2008 : Gold Falls as Dollar Strengthens Against Euro; Silver Declines
8th May 2008 : Gold Falls as Dollar Strengthens Against Euro; Silver Declines
by takeshitsai on Thu May 08, 2008 12:21 am
Gold fell for the first time in four sessions as the dollar rebounded against the euro. Silver also declined.
The dollar rose on speculation the Federal Reserve may raise interest rates to curb inflation. Before today, gold climbed 27 percent in the past year, reaching a record $1,033.90 an ounce on March 17, after sliding borrowing costs sent the dollar to an all-time low against the euro. Crude oil was little changed after reaching a record $122.31 a barrel yesterday.
``With our fundamental and technical currency strategists negative on the euro and our oil strategist unenthusiastic about the prospects of further gains in crude oil, we continue to favor the downside in gold,'' John Reade, head of metals strategy at UBS AG in London, said in an e-mail.
Gold futures for June delivery dropped $11.10, or 1.3 percent, to $866.60 an ounce at 9:07 a.m. on the Comex division of the New York Mercantile Exchange. The price gained 3.1 percent in the past three sessions.
Silver futures for July delivery declined 27.5 cents, or 1.6 percent, to $16.585 an ounce. The price was little changed in the past week.
Silver will average $15.76 this year and $12.80 in 2009, UBS said today in a quarterly report. The price averaged $13.468 in 2007.
Before today, silver climbed 25 percent in the past 12 months.
The dollar rose on speculation the Federal Reserve may raise interest rates to curb inflation. Before today, gold climbed 27 percent in the past year, reaching a record $1,033.90 an ounce on March 17, after sliding borrowing costs sent the dollar to an all-time low against the euro. Crude oil was little changed after reaching a record $122.31 a barrel yesterday.
``With our fundamental and technical currency strategists negative on the euro and our oil strategist unenthusiastic about the prospects of further gains in crude oil, we continue to favor the downside in gold,'' John Reade, head of metals strategy at UBS AG in London, said in an e-mail.
Gold futures for June delivery dropped $11.10, or 1.3 percent, to $866.60 an ounce at 9:07 a.m. on the Comex division of the New York Mercantile Exchange. The price gained 3.1 percent in the past three sessions.
Silver futures for July delivery declined 27.5 cents, or 1.6 percent, to $16.585 an ounce. The price was little changed in the past week.
Silver will average $15.76 this year and $12.80 in 2009, UBS said today in a quarterly report. The price averaged $13.468 in 2007.
Before today, silver climbed 25 percent in the past 12 months.
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