Daily Gold Update

Source:Marketwatch

New York— Gold futures declined Thursday as ongoing worries about the global economy sent U.S. stocks and other asset classes reeling, and institutional investors shied away from buying more bullion. But gold pared losses as the session progressed and even made short-lived forays into positive territory as some buyers bought on the dips and others remain attracted by the still-positive uptrend for the metal. Gold futures for June delivery lost $4.50, or 0.4%, to settle at $1,188.60 an ounce on the Comex division of the New York Mercantile Exchange. Platinum and palladium led losses among metals, off 6.8% and 11%, respectively.

Investors such as hedge funds have been unloading their long positions, or bets that prices will go higher, said Bernard Sin, head of currency and metals trading at MKS Finance in Geneva. Bargain hunters are still out there to buy on any dips, and the uptrend for gold — based on its appeal as a currency alternative — is still intact, he said. But prices could not resist the selling pressure on a day other assets are selling off as well, Sin added. See full story.