Gold stalls as equities falter

Posted on Sep 21, 2012 in Business | 0 comments

Gold prices fell slightly Thursday on the Comex division of the New York Mercantile Exchange as a European business index indicated the economy slowing further.

The Markit Purchasing Managers Index for the United States showed no change in manufacturing activity, which posted slow growth. In Europe, however, eurozone business growth indicated the decline was accelerating.

The dollar was mostly stronger in Asia and Europe. The dollar index, a prorated measure of the greenback against six major currencies, was higher, climbing 0.39 percent to 79.42 on the International Exchange.

Stock markets were down broadly in Asia, Europe and the United States, although the blue-chip Dow Jones industrial average closed with slim gains, climbing 0.14 percent.

Gold lost the dollar it gained Wednesday, then another 50 cents, dropping to $1,770.20 per troy ounce. Silver settled at $34.68, up 9 cents.

In Asia, the dollar fell to 78.24 yen from Wednesday’s 78.38 yen. The dollar rose to 1,118.64 South Korean won from 1,116.24 won.

The dollar stood at 0.9769 Canadian dollars, up from Wednesday’s 0.9746 Canadian.

In Europe, the dollar hit $1.2966 to the euro and $1.6215 to the British pound. It also hit $1.043 to the Australian dollar from Wednesday’s $1.0479.

Copyright 2012 by United Press International