Gold falls from one-week high - Se desploman convenios de metales preciosos

SINGAPORE -- Gold slipped on Friday and was on course for its biggest monthly decline since 1983, as oil fell on recession fears, the dollar firmed and stocks reversed gains, forcing investors to cash in to stem losses.

US gross domestic product shrank at an annual rate of 0.3 percent for the third quarter -- the sharpest fall in the world's largest economy in seven years -- spurring a broad commodities sell-off on concerns over weakening fundamentals. The US dollar's rebound also weighed.

Platinum fell more than 4.0 percent as slowing economies around the globe and the widespread credit crisis caused the largest auto industry companies to slash full-year profit targets, warn of job losses and push for speedy government handouts.

Gold was at $731.45 an ounce, down $4.05 from New York's notional close on Thursday, when it rose for a fourth straight day to its strongest in a week at $776.30 an ounce.

"Investors are reluctant to buy too much, in case anything happens. We've seen a little bit of physical selling around $770," said Ronald Leung, director of Lee Cheong Gold Dealers in Hong Kong, referring to this week's high.

Premiums for gold bars eased to $1.70 an ounce to the spot London prices from $3 last week after holders cashed in on this week's rally.

Gold has lost as much as 21 percent of its value this month alone, and is down 12 percent this year.

Oil extended losses to below $65 a barrel on Friday and looked headed for its biggest-ever monthly loss, as weak economic data rekindled demand worries, which in theory reduces gold's appeal as a hedge against inflation.

Gold hit a 13-month low of $680.80 last week after investors sold bullion to pay for margin calls. A recovery in stock markets and firmer oil spurred a rebound in gold this week but technical selling emerged after it failed to sustain Thursday's high.

"Only if $775 is breached, then gold would be able to head towards the next resistance at $806," said analyst Pradeep Unni at Richcomm Global Services.

"Gains could be quick once $775 is scythed convincingly."

Gold, which has benefited from safe-haven buying, fears of rising energy costs and uncertainties in the dollar's outlook, was well below a recod high of $1,030.80 struck in March.

The Nikkei slipped 2.7 percent on Friday as investors' jitters before a Bank of Japan rate decision led to profit taking.

The euro dipped to $1.2770 making dollar-priced gold more expensive for holders of other currencies.

Platinum was trading at $783.00 ounce, down $34 from New York's notional close. It has lost more than 60 percent of its value since hitting a lifetime high of $2,290 in March, mainly due to worries about falling demand for autocatalysts.

As the strong yen forced Japanese carmakers Mazda and Mitsubishi to slash full-year targets, struggling US automakers were looking to obtain billions from the US government to help them survive.

More than 60 percent of global platinum use goes to autocatalysts to clean exhaust fumes.

New York gold futures fell $6.7 an ounce to $731.9.

Se desploman convenios de metales preciosos

Finanzas

31 de octubre, 2008

http://www.elfinanciero.com.mx

México, 30 de octubre.- Las abrumadoras expectativas de que la desaceleración de la economía mundial afectará la demanda de las materias primas, así como una sostenida recuperación del dólar frente al euro, impactaron con fuerza las cotizaciones de los metales preciosos durante el mes de octubre en el mercado de Nueva York, donde la onza troy de oro exhibió su mayor declinación mensual en 28 años.

Y es que las contracciones trimestrales de economías como las de Estados Unidos e Inglaterra, así como las dramáticas desaceleraciones económicas de Japón y China, refuerzan las expectativas de una reducción de la demanda de insumos mundiales, que incluyen a los metales, los energéticos y los agrícolas.

Además, la franca recuperación del dólar frente al euro, que el viernes escaló a un máximo intradía de 1.2668 dólares, ha ejercido una presión bajista adicional sobre todos los commodities comercializados con la divisa estadounidense.

En este contexto, el convenio más activo del oro para entrega en diciembre acumuló en octubre una caída de 18 por ciento, la más amplia desde marzo de 1980; en la sesión del viernes , el contrato en referencia descendió 20.30 dólares, o 2.7 por ciento, a 718.20 dólares la onza.

Expertos estiman que si el reciente contexto se mantiene en el corto y mediano plazo, es decir que el dólar se recupere a 1.20 euros y se agudice la recesión mundial, la onza del oro podría caer a los 620 dólares.

En tanto, el contrato de la plata con liquidación en diciembre registró una merma de 21 por ciento en octubre para ampliar su caída en lo que va del año a 35 por ciento. En la sesión del viernes perdió 0.6 por ciento para cerrar en 9.73 dólares la onza. (Con información de Finsat/MCH)