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Gold Set to Decline
Gold and silver are poised to drop for the first time in three days as gains in dollar before European Union leaders hold a summit on the region’s debt crisis reduce demand for bullion as a store of value.
European Union leaders gather in Brussels for two days starting today, where Greek Prime Minister Antonis Samaras prepares to argue for a two-year extension to meet the country’s bailout targets. French President Francois Hollande says efforts to stem the turmoil that began in Greece could unravel if the EU fails to deliver on its promises. The U.S. Dollar Index, a gauge against six counterparts including the euro, rose for the first time in three days, gaining 0.1 percent.
“Gold, at least in the past few days, has re-established its inverse relationship with the dollar and that’s going to determine direction in the very near term,” said Sun Yonggang, a macroeconomic strategist at Everbright Futures Co., a unit of China’s largest state-owned investment group. “China’s growth came in in line with expectations and now that that’s out of the way, the attention shifts back to Europe.”
Data today showed China’s gross domestic product expanded 7.4 percent in the July-September period from a year earlier, matching economists’ estimates, while industrial production, retail sales and fixed-asset investment accelerated in September. The country’s economic growth has started to stabilize, the official Xinhua News Agency reported yesterday, citing Premier Wen Jiabao.
Spot gold of 99.99 percent purity was little changed at 352.41 yuan a gram ($1,752.23) on the Shanghai Gold Exchange. Volumes slipped to 3,759 kilograms yesterday from 4,686 kilograms on Oct. 16.
Holdings in exchange-traded products rose for the first time in four days yesterday to 2,579.062 metric tons, holdings reached a record 2,582.98 tons on Oct. 11.