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
Destroyers with ballistic missile defense capability heading to Japan Destroyers with ballistic missile defense capability heading to Japan
2
Little girls drop F-bombs for feminism in new FCKH8 video Little girls drop F-bombs for feminism in new FCKH8 video
3
Brazil, Argentina to strenghten aerospace cooperation; talk Gripen deal Brazil, Argentina to strenghten aerospace cooperation; talk Gripen deal
4
Warren Buffett loses $2 billion in 2 days on investments Warren Buffett loses $2 billion in 2 days on investments
5
Texas plant converts CO2 to baking soda Texas plant converts CO2 to baking soda
Trending News
Around the Web
x
Feedback