Gold Drops From 3-Month High as Buying Seen Deterred After Rally

Gold retreated from the highest price in more than three months on speculation the metal’s advance may deter physical purchases. Silver fell, ending the longest run of gains since at least 1968.

“The strength is not going to last,” said Dominic Schnider, head of commodities research at UBS AG’s wealth-management unit in Singapore, citing prospects for less U.S. stimulus, a stronger dollar and restrained inflation. Consumers in China may “pull back a little bit from gold purchases” amid higher prices, he said.

Goldman Sachs Group Inc. said in a report last week that the metal will “grind lower” as U.S. growth improves. The Federal Reserve will release minutes of its January meeting tomorrow.

“We expect volatility in gold to pick up later this week” as U.S. data is released, Abhishek Chinchalkar, an analyst at Mumbai-based AnandRathi Commodities Ltd., said in a report. “With the metal having rallied sharply over the past week, any positive surprise on the data front could trigger a decent bout of profit taking and potentially drag prices south.”

Gold eases from 3-1/2 month highs, but economy woes lend support

Gold slipped on Wednesday and came off 3-1/2-month highs hit in the previous session as investors reaped profits and physical buying subsided. But worries about global economic growth still underpin gold's safe-haven appeal and technical charts indicate the metal is set to rise.

Ronald Leung, chief dealer at Lee Cheong Gold Dealers in Hong Kong.
"Buying is not that aggressive on the physical side. Approaching $1,320, we saw small lots of buying but also encountered some selling," Leung said. But gold's technical picture has improved after it breached the tough barrier of $1,300, said Leung.

Net gold demand fell 15 percent in 2013 as huge outflows from physically backed investment funds outweighed record consumer demand but that disinvestment is tailing off this year, the World Gold Council said on Tuesday.

The physical price of gold as at 5pm, stood at RM135.28 per gramme, down 21 sen from RM135.49 at 5pm yesterday - Bernama

Gold Below 16-Week High as Rally Seen Overdone on Taper Outlook

Gold traded below a 16-week high as some investors deemed the rally excessive on expectations the Federal Reserve will keep its plan to reduce U.S. stimulus.

“Although recent economic data point to slower growth in the U.S., it’s not enough to change the stimulus-reduction process that’s already in place,” said Zhu Siquan, an analyst at GF Futures Co., a unit of the Guangzhou-based firm that bought Natixis Commodity Markets Ltd. “While we’ve seen more haven bids because of turmoil in emerging markets, we’ve also seen physical demand fade as prices rise.”

Higher gold prices have hurt demand in China, the largest consumer. Volumes for the benchmark contract on the Shanghai Gold Exchange declined for a second day yesterday and metal for immediate delivery has traded at a discount to London prices since Feb. 20.

The physical price of gold as at 5pm, stood at RM136.46 per gramme, down 56 sen from RM135.90 at 5pm yesterday - Bernama

The physical price of gold as at 5pm, stood at RM135.27 per gramme, down RM1.25, from RM136.52 at 5pm yesterday - Bernama

The physical price of gold as at 5pm, stood at RM135.18 per gramme, down nine sen from RM135.27 at 5pm yesterday - Bernama

The physical price of gold as at 5pm, stood at RM137.36 per gramme, up RM2.18 from RM135.18 at 5pm last Friday - Bernama

Gold falls 1 pct after Russia's Putin orders troops back to base

Gold dropped 1 percent on Tuesday as equities rebounded after Russian President Vladimir Putin ordered troops engaged in exercises in an area which borders crisis-struck Ukraine to return to their base.

Gold rallied to a four-month high on Monday after investors trimmed assets perceived as riskier following Russia's military intervention, which prompted the United States to look at a series of economic and diplomatic sanctions to isolate Moscow.

"In the absence of ongoing momentum, the overall backdrops still remain very bearish in the gold market," said Mark Keenan, head of Commodities Research for Asia at Societe Generale in Singapore. "This little spike higher was largely viewed as a selling opportunity."

Dealers said gold needs help from the physical market as it struggles to sustain gains after prices broke a key resistance of $1,350 an ounce. The metal has risen more than 11 percent this year, having shed 28 percent in 2013 on the prospect of a global economic recovery.

"I think investors may be pretty cautious. They already bought gold yesterday and the day before. Jewellers came to buy very small amounts of gold today," said Ronald Leung, chief dealer at Lee Cheong Gold Dealers in Hong Kong.

"We probably won't be able to replicate last year's record year. There was a rush in April when prices dropped $200. But it was more like a frenzy, bargain-hunting by people who had no clear ideas about the gold market," said Joyce Liu, investment analyst at Phillip Futures in Singapore.

"The current price premiums also show that consumer demand is tapering."

The physical price of gold as at 5pm stood at RM136.49 per gramme, down 87 sen from RM137.36 at 5pm yesterday - Bernama

The physical price of gold as at 5pm, stood at RM135.76 per gramme, down 73 sen from RM136.49 at 5pm yesterday - Bernama

The physical price of gold as at 5pm stood at RM135.20 per gramme, down 56 sen from RM135.76 at 5pm yesterday - Bernama

where?

u need to keep long term or worse cut loss now, but I cannot predict the price movement
for now just look2 & monitor movement only

The physical price of gold as at 5pm, stood at RM136.48 per gramme, up RM1.28 from RM135.20 at 5pm yesterday - Bernama

Gold futures edge lower, eyes on U.S. jobs data

Gold futures edged lower on Friday, as investors awaited the release of highly anticipated U.S. nonfarm payrolls data later in the trading session and as they were still digesting comments by European Central Bank President Mario Draghi on Thursday.

Market players were looking ahead to a highly-anticipated nonfarm payrolls report for February, after job growth came in below expectations in December and January.

Gold prices marginally weaker in Asia trade, await direction

Gold prices fell marginally in Asian trade on Monday, awaiting fresh direction after better than expected U.S. nonfarm payrolls data last week that pointed to a steady pace of tapering aggressive monetary easing by the Fed.

In the week ahead, investors will be anticipating what will be closely-watched data on retail sales and consumer sentiment for further indications of the strength of the economy and the future course of monetary policy.

The physical price of gold as at 5pm, stood at RM136.02 per gramme, down 46 sen from RM136.48 at 5pm last Friday - Bernama

The physical price of gold as at 5pm, stood at RM137.32 per gramme, up RM1.30 from RM136.02 at 5pm yesterday - Bernama

Gold rises on concern over Ukraine crisis, China growth

Gold rose around one percent on Tuesday as fears of a slowdown in Chinese economic growth and worries about the crisis in Ukraine sapped appetite for risk.

"The situation in Ukraine in itself has led to some safe-haven buying but it is more the impact Ukraine has on equity markets and then the shifting of funds into gold," Quantitative Commodity Research owner Peter Fertig said.

In the physical market, Chinese prices continued to trade at a discount to spot prices due to weak demand. Prices in Shanghai were at a discount of $3 an ounce to London prices, compared with a premium of over $20 at the beginning of the year.