Gold May Advance in London
As the European debt crisis boosted up demand and some investors buy the Gold after its hunch from a record, it may gain a little in London. Since other commodities and equities stumbled, Gold dropped this week.
“As long as the flight to safety carries on, gold will perform better than other precious metals and most commodities.” said Andrey Kryuchenkov, an analyst at VTB Capital in London. For instantaneous delivery Gold added 80 cents, or 0.1 %, to $1,183.15, erasing a drop of as much as 1.4 %. Bullion for June delivery was 0.5 percent lower at $1,183.20 on the Comex in New York.
Gold fell to $1,183.50 an ounce in the morning “fixing” in London, used by several mining corporations to trade production, from $1,192 at yesterday’s afternoon fixing. Bargain hunters are still out there to buy on any dips, and the uptrend for gold is based on its petition as a currency alternative and is still intact, however prices could not refuse to accept the selling pressure on a day other assets are selling off as well.
Several investors are also jumbling for cash as U. S. equities are largely lower and one way to elevate cash is to leave some of the winners such as gold. On the other hand, Platinum for July delivery lost $109.90 to settle at $1,495.80 an ounce, the lowest settlement for a most-active contract in three months.
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