Finally Gains Global Gold
Gold prices rose for the first time in six days on Tuesday , as the U.S. stock market ( U.S. ) retreated , after a series of record highs on Wall Street . ( Read: laporan pengecoran logam )
Gold futures traded in New York , closed up , while the spot price of gold remains positive in late afternoon trading despite U.S. economic data showed gains in new factory orders in the third month in a row , which should be bullish for equities .
Even so , analysts and traders said the metal may still face hard work in the next session , due to uncertainty ahead of the European Central Bank meeting and a big drop in investor interest in the futures market .
" The market is trying hard to get out of the loss , but could not pick a worse time , given the ECB’s decision is not known , and after the great loss of the end of the roll -over option in gold futures , " said senior vice president at RBC Wealth Management , George Gero , as reported by Reuters on Wednesday ( 06/04/2014 ) .
Spot Gold prices traded higher type 0.1 percent to USD1.245 , 68 per troy ounce . Gold initially fell to a four-month low in USD1.240 , 61 per troy ounce . While U.S. gold futures for August delivery settled up 50 cents, or 0.4 percent, to USD1.244 , 50 per troy ounce .
Weakening demand for physical gold in the market number one , China , even after the end of Dragon Boat Festival added uncertainty makes the pressure on the gold price .
Among other precious metals , platinum fell 0.3 percent to USD1 , 425.53 an ounce. Palladium rose 0.7 percent to USD834 , 80 per ounce , silver silver rose 0.4 percent to USD18 , 78 per ounce .