HOME - arts humanities - automotive - business - Forex Trading Software - NEWS FOREX - news media - shopping - sports - Technology
| 0 التعليقات ]

Gold dropped, approaching a one- month low, as Japan’s nuclear crisis intensified, prompting speculation some investors were selling precious metals to raise cash to cover losses in equities and other commodities. Silver fell, and palladium and platinum traded near three-month lows.
Immediate-delivery bullion dropped as much as 0.9 percent to $1,386.65 an ounce and traded at $1,393.75 at 11:56 a.m. in Singapore. Cash silver declined as much as 1.5 percent to $33.7025 an ounce and last traded at $33.94.
Asian stocks fell on renewed concern that the nuclear crisis and other damage from the record March 11 earthquake and tsunami may cripple the world’s third-largest economy. The Fukushima Dai-Ichi power plant faces a grave situation at the No. 4 reactor, Chief Cabinet Secretary Yukio Edano said today.
“There’s continued world negative sentiment, with stocks falling and people selling gold to be able to cover margin payments,” said Chad Walls, Hong Kong-based head of Asian metals trading at Credit Agricole SA. “Eventually, gold will find its feet but so far it seems still liquidation of assets.”
U.S. Nuclear Regulatory Commission Chairman Gregory Jaczko told a House Energy and Commerce subcommittee that all cooling water at one of the reactors has drained from the spent-fuel pool and “radiation levels are extremely high.”
Helicopters dumped water on Fukushima plant today, aiming to cool exposed fuel that may be spewing radiation. Finance Minister Yoshihiko Noda said finance ministers and central bankers of the Group of Seven industrialized nations will hold a meeting tomorrow to discuss the aftermath of the earthquake.

All-Time High

Spot gold touched a record $1,444.95 an ounce on March 7 after rallying 30 percent last year on the prospect of rising inflation and currency debasement. Demand for gold and silver had surged in the past months as unrest in North Africa and the Middle East damped demand for riskier assets.
The April-delivery contract for bullion futures in New York dropped 0.2 percent to $1,393.70 an ounce, after slumping as much as 0.7 percent, trading near the lowest level since Feb. 17.
Silver has dropped 7.6 percent since climbing to a 31-year high of $36.7525 last week. Palladium has slumped 20 percent since reaching its highest price in a decade last month. Silver, palladium and platinum have more industrial uses than gold.
Japan accounts for 15 percent of global demand for palladium and platinum, used in auto catalysts, according to Barclays Capital. Toyota Motor Corp. closed plants in the country through yesterday, while Honda Motor Co. and Suzuki Motor Co. also halted operations.
“It seems that there is no quick resolution for the Japanese nuclear crisis,” said Ong Yi Ling, Singapore-based analyst at Phillip Futures Pte Ltd. “In fact, it may have taken a turn for the worse.”
Palladium for immediate delivery dropped as much as 1.5 percent to $688.25 an ounce, the lowest level since Nov. 30. Platinum decreased as much as 2.2 percent to $1,657.75 an ounce, it lowest in more than three months.

0 التعليقات

Post a Comment

Related Posts with Thumbnails