کاهش بهای طلا در بازار امروز لندن برای اولین بار در ۵روز گذشته ،به دلیل افزایش ارزش دلار
Gold Falls From Record as Stronger Dollar Spurs Bullion Sales
By Nicholas Larkin and Glenys Sim
Nov. 12 (Bloomberg) -- Gold fell for the first time in five days in London as a stronger dollar prompted some investors to sell after the metal’s rally to a record. Gold futures were little changed after earlier rising for a ninth day, the longest run since 1982.
The Dollar Index added as much as 0.4 percent after yesterday slipping to a 15-month low. Bullion is still heading for a second weekly gain after India’s central bank bought gold last month to diversify reserves. Futures reached a record today and investor Marc Faber said bullion, set for a ninth annual increase, will remain above $1,000 an ounce.
“The dollar is gaining some strength,” Sagiv Perez, a senior dealer at Finotec Trading U.K. in London, said by phone today. “There’s a little bit of profit-taking because the highs in gold at the moment are quite substantial.”
December gold futures climbed as much as 0.8 percent to $1,123.40 an ounce on the New York Mercantile Exchange’s Comex division, and were down 0.1 percent at $1,113.30 by 8:46 a.m. local time. Immediate-delivery bullion dropped 0.4 percent to $1,113.30 an ounce in London after earlier reaching $1,123.38. Platinum and palladium rose to the highest prices in more than a year.
Gold increased to a record $1,116 an ounce in the morning “fixing” in London from $1,115.25 at yesterday’s afternoon fixing. Some mining companies use fixings to sell production.
Up to $1,150?
The dollar index, currently at 75.386, has dropped this year on record-low U.S. interest rates and increased government borrowing to combat recession. Gold priced in dollars tends to move in the opposite direction to the U.S. currency.
“Consensus remains very dollar-bearish,” Andrey Kryuchenkov, an analyst at VTB Capital in London, said in a report. “A sustained push below 75 on the dollar index could see gold rallying even higher toward $1,150 before the end of the month.”
News last week of bullion purchases by the Indian and Sri Lankan governments raised speculation other countries will follow suit. Analysts at Bank of America Merrill Lynch, Societe Generale SA and Barclays Capital have forecast further purchases by central banks, already the biggest holders.
“Gold looks to be on target to hit $1,300 before the end of the year,” said Wallace Ng, Hong Kong-based chief trader at Fortis Bank’s commodity-derivatives unit. “It will still be the dollar in the driving seat.”
1980 Peak
The metal remains below its all-time high after accounting for inflation. Spot gold’s $850-an-ounce peak in 1980 equates to $2,227.84 today after adjusting for changes in prices, according to the U.S. Labor Department’s inflation calculator.
“We will not see less than the $1,000 level again,” Faber said at a conference yesterday. The former Drexel Burnham Lambert banker publishes the Gloom Boom & Doom Report investment newsletter.
“Central banks are all the same,” Faber said. “They are printers. Gold is maybe cheaper today than in 2001, given the interest rates. You have to own physical gold.”
The rally in futures has lifted spot gold’s 14-day relative-strength index, a gauge of whether a commodity or security is overbought or oversold, above the level of 70 viewed by some investors as a signal for a retreat. Today’s index was 72.32, according to Bloomberg data.
“We may see the dollar rebound in the next one or two weeks,” Fortis’s Ng said. “That’s when we’ll probably see the gold correction many investors are calling for.”
Holdings in the SPDR Gold Trust, the biggest exchange- traded fund backed by bullion, were unchanged for a second day at 1,114.44 tons yesterday, its Web site showed. The holdings reached a record 1,134 tons on June 1.
Cars in China
Silver for December delivery in New York lost 0.5 percent to $17.445 an ounce. Platinum for January delivery gained as much as 1.2 percent to a 14-month high of $1,386 an ounce, and was last little changed at $1,369.90.
Palladium for December delivery advanced as much as 3.8 percent to $359 an ounce, the highest price since August 2008. The best-performing precious metal this year was last at $355.
Automakers account for about 60 percent of platinum and palladium use, according to metals researcher and refiner Johnson Matthey Plc. China’s passenger-car sales rose 76 percent last month as a $586 billion stimulus package and record bank lending helped boost auto demand.
China will remain the world’s largest automobile market for “some time to come,” Nissan Motor Co. Chief Executive Officer Carlos Ghosn said today at a forum in Shanghai.
“Catalytic converters, economic growth, all these sorts of good fundamental stories should help these secondary precious metals,” Jonathan Barratt, managing director at Commodity Broking Services Pty in Sydney, said in a Bloomberg Television interview today. “As we are climbing out of this recession, it will be those metals that will be well sought after.”
To contact the reporters on this story: Glenys Sim in Singapore at gsim4@bloomberg.net; Nicholas Larkin in London at nlarkin1@bloomberg.net
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