• Connect with us
    • Information
      • About Us
      • Contact Us
      • Careers
      • Partnerships
      • Advertise With Us
      • Authors
      • Browse Topics
      • Events
      • Disclaimer
      • Privacy Policy
    • Australia
      North America
      World
    Login
    Investing News NetworkYour trusted source for investing success
    • North America
      Australia
      World
    • My INN
    Videos
    Companies
    Press Releases
    Private Placements
    SUBSCRIBE
    • Reports & Guides
      • Market Outlook Reports
      • Investing Guides
    • Button
    Resource
    • Precious Metals
    • Battery Metals
    • Base Metals
    • Energy
    • Critical Metals
    Tech
    Life Science
    Precious Metals Market
    Precious Metals News
    Precious Metals Stocks
    • Precious Metals Market
    • Precious Metals News
    • Precious Metals Stocks
    gold investing

    Spot Gold Slips to $1,245.16

    Investing News Network
    Jul. 02, 2013 11:00AM PST
    Precious Metals

    The gold price started the day with a climb up to $1,267.20, a one-week high, but by lunch-time in New York had fallen back to $1,245.16.

    The gold price started the day with a climb up to $1,267.20, a one-week high, but by lunch-time in New York had fallen back to $1,245.16. Gold futures also dropped, with gold for August delivery down 0.92 percent to $1,244.10 an ounce.

    Reuters initially reported that traders were buying back the metal to cover short positions, thus pushing up the price of the precious metal. That changed however as the US dollar rose and investors looked to more indications of an end to quantitative easing, the US Federal Reserve policy that buys $85 billion in US Treasuries and mortgage bonds per month to keep interest rates low. 

    “The dollar index is strengthening quite a bit, equities are strengthening and you’re seeing interest rates go up. That seems to be the perfect storm against the metal at the moment,” Reuters quoted Phillip Streible, senior commodities broker at R.J. O’Brien in Chicago.

    The next indication of the Fed’s position on QE will come Friday with the monthly US employment report.

    Gold prices saw a 23 percent loss over the second quarter due in large part to speculation leading up to a decision by the U.S. Federal Reserve regarding whether or not the Fed would end its stimulus plan in light of a recovering U.S. economy.

    quantitative easinggold investing
    The Conversation (0)

    Go Deeper

    AI Powered

    Gold Price Edges Up to $1,192.14 per Ounce

    Gold Rises to $1,211.60 per Ounce on Falling Dollar

    Latest News

    Apollo Silver Announces Upsize of Private Placement Offering

    Update On The Mosseau Drill Program And Details Of New Fall, 2025 Exploration Program

    Locksley Advances Multiple Antimony & REE Workstreams

    Option Exercise Nets $2.3M to Expand Exploration at Pinjin

    Locksley Resources Limited Advances Multiple Antimony and REE Workstreams

    More News

    Outlook Reports world

    Resource
    • Precious Metals
      • Gold
      • Silver
    • Battery Metals
      • Lithium
      • Cobalt
      • Graphite
    • Energy
      • Uranium
      • Oil and Gas
    • Base Metals
      • Copper
      • Nickel
      • Zinc
    • Critical Metals
      • Rare Earths
    • Industrial Metals
    • Agriculture
    Tech
      • Artificial Intelligence
      • Cybersecurity
      • Gaming
      • Cleantech
      • Emerging Tech
    Life Science
      • Biotech
      • Cannabis
      • Psychedelics
      • Pharmaceuticals

    Featured Precious Metals Stocks

    Mount Hope Mining

    MHM:AU

    Walker Lane Resources

    WLR:CC

    Rua Gold

    RUA:CC

    Golconda Gold

    GG:CC

    Falco Resources

    FPC:CC

    Adavale Resources

    ADD:AU
    More featured stocks

    Browse Companies

    Resource
    • Precious Metals
    • Battery Metals
    • Energy
    • Base Metals
    • Critical Metals
    Tech
    Life Science
    MARKETS
    COMMODITIES
    CURRENCIES