facebook
twitter
rss
account
search
search
 

Gold fails to catch updraft

Nov. 28, 2012 at 7:12 PM   |   Comments

NEW YORK, Nov. 28 (UPI) -- Gold prices dropped $22.70 on the Comex division of the New York Mercantile Exchange Wednesday as a late rally left metals behind.

The rally was sparked by an article in The Wall Street Journal that said the U.S. Federal Reserve was likely to continue bond buying in 2013.

That would be a sure sign for gold traders to buy, because bond buying would lower the value of the dollar, which pushes gold prices higher.

But equities bounced and metals failed to respond.

Gold ended the session down 1.5 percent at $1,721.60 per troy ounce. Silver lost 32 cents to close at $33.79.

© 2012 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Most Popular
1
Fireball Cinnamon Whisky recalled in Europe for antifreeze ingredient Fireball Cinnamon Whisky recalled in Europe for antifreeze ingredient
2
Eni makes major oil find offshore Congo Eni makes major oil find offshore Congo
3
U.S. average gas price headed below $3 U.S. average gas price headed below $3
4
U.S. sinks $25 million in funding for renewables U.S. sinks $25 million in funding for renewables
5
WTI, Brent search for traction WTI, Brent search for traction
Trending News
Around the Web
x
Feedback