Gold trims gains as euro rallies

08:35, April 09, 2010      

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Gold futures on the COMEX Division of the New York Mercantile Exchange slipped on Thursday after soaring to its highest level in nearly three month the previous day, as a rallied euro capped its gains, Sliver and platinum both dropped.

The most active gold contract for June delivery dropped 0.10 U. S. dollars, to finish at 1152.9 dollars.

Greece's borrowing costs surged to a record high recently, but Greek government said Thursday its first-quarter budget deficit fell 40 percent, and European Central Bank president Jean-Claude Trichet said today that a default was not an issue for Greece,

Although investors remained wary about Greece' s potential inability to avoid default, the positive statement, to some extent eased investor' s deep worries about Greek debt crisis, helped restored investor confidence in euro, and reduced gold's appeal as a safe haven.

Meanwhile, the International Council of Shopping Centers said on Thursday that March sales at 31 U.S. chain stores was up 9 percent, which signaled increasing consumer expectations for the U. S economy. Gold price rose alongside investors risk appetite which was boosted by the optimistic sale data.

May silver dropped 7.2 cents to 18.127 dollars per ounce. July platinum was down 6.1 dollars to 1717.1 dollars an ounce.

Source: Xinhua


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