Gold drops as US consumer confidence rebounds

08:56, April 01, 2010      

Email | Print | Subscribe | Comments | Forum 

Gold futures on the COMEX Division of the New York Mercantile Exchange ended lower on Tuesday, as Consumer confidence index and housing data released on Tuesday signaled a sustainable economic recovery. Sliver and platinum both dropped.

The most active gold contract for June delivery dropped $5.8, or 0.5 percent, to finish at $1,105.7.

The Conference Board said on Tuesday that the Consumer Confidence Index rose to 52.5 in March, exceeding previous forecast.

Due to the fact that many factors had impact on consumer confidence in March, such as harsh weather that shut business and hindered job-hunting, as well as concern over Greece's debt crisis, March's positive confidence report gave investor hope that the economic recovery will be sustained.

The S&P/Case-Shiller 20-city index showed that home prices inched higher in January for an eighth month, suggesting the housing market is stabilizing while the economy expands.

The optimistic economic data made investors feel confident about the economic prospects, reducing gold's demand of safe-haven.

Meanwhile, euro remained vulnerable amid concerns about the fiscal crisis of Greece. The stronger dollar also made gold less attractive as a hedge.

May silver was down 5.7 cents to $17.33 per ounce. July platinum declined $5.4 to $1,626.1 an ounce.

Source: Global Times

(Editor:黄蓓蓓)

  • Do you have anything to say?

双语词典
dictionary

  
Special Coverage
  • Premier Wen Jiabao visits Hungary, Britain, Germany
  • From drought to floods
Major headlines
Editor's Pick
  • Participants have a group photo taken at the World Media Summit Presidium Meeting in Beijing, capital of China, Sept. 27, 2011. Leaders or representatives of 11 world mainstream media attended the meeting opening on Tuesday. (Xinhua/Li Tao)
  • Boeing employees view a 787 Dreamliner scheduled for delivery to All Nippon Airways (ANA) of Japan during a delivery ceremony at Paine Field in Everett, Washington September 26, 2011. (Xinhua/AFP Photo)
  • A visitor watches a portrait of Emperor Kangxi in the Louvre Museum in Paris, capital of France, on Sept. 26, 2011. About 130 artifacts from the Forbidden City, China's ancient imperial palace museum, started to greet the French public in the Louvre Museum on Monday in an exhibition that will run until Jan. 9, 2012. (Xinhua/Gao Jing)
  • A model presents a creation of the Italian fashion brand Normaluisa during the Milan Fashion Week Women's Wear Spring/Summer 2012 in Milan, northern Italy, Sept. 26, 2011. (Xinhua/Wang Qingqin)
  • Guests are seen at the site of opening ceremony of the 2011 Beijing Design Week and the first Beijing International Design Triennial held at China Millennium Monument in Beijing, capital of China, Sept. 26, 2011. During the Beijing Design Week from Sept. 26 to Oct. 3, more than 130 activities will be launched, including more than 30 international events and over 90 Chinese exhibitions. (Xinhua/Luo Xiaoguang)
  • Thousands of Sirte civilians evacuate Sirte, Libya, where the war between NTC forces and pro-Gaddafi militia is going on Sept 26, 2011. (Xinhua/Amru Salahuddien)
Hot Forum Discussion