Gold declines influenced by oil losses

11/14/2014 01:39:00

Gold declines influenced by oil losses

Gold prices fell on Thursday, with the decline in demand for the precious metal as an investment in a safe under the sharp decline in crude oil prices and good data on jobs in the United States as the continued flow of gold-backed funds showed that an exhibition of more losses.

The gold market was severely affected, a drop of about four percent in oil prices after government data showed a rise in crude oil stocks at key delivery point for futures contracts in the United States.

And indicates the survival of new applications for unemployment benefits in the United States near the lowest level in 14 years that the US labor market is moving forward towards the full recovery which weakens the attractiveness of gold as a time of economic uncertainty.

And saw a huge wave of selling gold since 31 October, dropping below the level of principal of $ 1180 to the lowest level in four and a half years of $ 1131.85 technical support. Since then gold has recovered slightly in the coverage of city centers.

And landed holdings Fund, the largest fund indicators powered gold 1.8 tons to 722.67 tons on Wednesday for the seventh day in a row. Analysts said this indicates that gold gallery for more losses.

The decline in gold in the spot market 0.1 percent to $ 1159.59 an ounce (an ounce) by 1938 GMT.

But gold futures price for delivery December rose to $ 2.40 to $ 1161.50 an ounce at the settlement.

Among other precious metals silver lost 0.5 percent to $ 15.55 an ounce and platinum fell 0.8 percent to $ 1187.70 and palladium down one percent to $ 763.98 an ounce.


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