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11 Apr 2013
Commodities Brief: Gold lower on Cyprus plan
FXstreet.com (Barcelona) - Gold today closed down in NY at $1558 losing -1.64% at the same time equity indexes printed yet another record highs with Dow Jones industrials above the never seen before 14800 points up +0.88%, and SP500 at 1587 up +1.22%, while US 10 year notes kept on selling off to fresh 5-day lows, with yields at 1.84%, off fresh 2013 lows at 1.67%.
“Gold is at the lows of the day, down $15 to $1570 after Cyprus announced a plan to sell 400 million euros worth of gold reserves to finance part of its bailout,” wrote ForexLive editor Adam Button by early NY trade. Coinciditentially enough, Goldman Sachs was calling for a short on Gold, with a target profit at $1450, and a stop loss at $1650, when the precious metal was above the $1580 mark just moments before the Cyprus plan hit the wires.
Oil in the other hand has returned to previous 4-day highs slightly below the $95 handle for the futures May contract, off past Friday's double low around the $91.5, on the back of falling crude oil inventories, to the lowest in 3 months, coming out much lower than expected at 0.3M barrels, while 1.6M were expected, from previous 2.7M.
“Gold is at the lows of the day, down $15 to $1570 after Cyprus announced a plan to sell 400 million euros worth of gold reserves to finance part of its bailout,” wrote ForexLive editor Adam Button by early NY trade. Coinciditentially enough, Goldman Sachs was calling for a short on Gold, with a target profit at $1450, and a stop loss at $1650, when the precious metal was above the $1580 mark just moments before the Cyprus plan hit the wires.
Oil in the other hand has returned to previous 4-day highs slightly below the $95 handle for the futures May contract, off past Friday's double low around the $91.5, on the back of falling crude oil inventories, to the lowest in 3 months, coming out much lower than expected at 0.3M barrels, while 1.6M were expected, from previous 2.7M.