Gold Prices Dip As Easing Hopes Fade In China

Gold Prices Dip As Easing Hopes Fade In China
News
Like Us On Facebook
Like Us On Facebook

Gold prices were slightly lower Monday as hopes for quantitative easing from China’s central bank faded. Gold for December delivery was dipping $1.10 to $1,671.80 an ounce at the Comex division of the New York Mercantile Exchange.

The gold price traded as high as $1,679.30 and as low as $1,688.50 an ounce, while the spot price was down 70 cents, according to Kitco’s gold index.

“Traders were a little bit disappointed in China not implementing any [quantitative easing] over the weekend,” said Phil Streible, senior commodities brokerat RJO Futures.

Silver prices for September delivery were jumping 30 cents to $30.93 an ounce, while the U.S. dollar index was losing 0.04% to $81.59.

Investors have anticipated this week’s summit of central bankers at Jackson Hole, Wyo. Though analysts had been skeptical any signals of monetary stimulus would emerge from the meeting, last week’s Federal Reserve minutes suggested the Fed would consider a move in September.

Should Fed Chairman Ben Bernanke not implement any easing, the Fed will meet again later in September as it continues to monitor the economic situation in the U.S.

European central bankers will meet for the first time in more than a month next week as the European Central Bank will announce its first minutes of September. Investors are hoping to see some easing efforts from the eurozone.

Gold mining stocks were mixed Monday. Goldcorp (GG) was falling 0.22%, while Eldorado Gold (EGO) was rising 0.12%.

Among other mining stocks, Barrick Gold (ABX) was up 0.13%, while Yamana Gold (AUY) was down 0.59%. Kinross Gold (KGC) was shedding 0.55%.

Elite.

Share Tweet
React
Like Us On Facebook
Like Us On Facebook

Julian Sonny

From the sandy beaches of Hawaii, to the streets of New York: Julian has seen it all. His lifetime of travels has given him a broad scope of knowledge and an eclectic taste unlike any other in the tri-state area. Julian has often been compared to cultural icon, The Rock, because of his unequivocal work ethic and warrior-like stature.

More In News

World Emily Arata

Racial Profiling Experiment Shows How Cops Treat People Differently (Video)

When YouTubers Adam Saleh and Sheikh Akbar began filming their latest video in their “cultural clothing,” they noticed police were nearly always close by. So, the pair filmed something of a social experiment. Dressed in Western clothing, they argued in front of a police officer, who didn’t react. But, when one wore a headscarf and robe, […]

Also On Elite

Politics

Colorado Governor Says Legalizing Marijuana Was A ‘Reckless’ Decision For The State

Colorado Governor John Hickenlooper called the state’s decision to legalize recreational marijuana “reckless” during a debate on Monday with his gubernatorial opponent. According to the Huffington Post, the Democrat made the comment when asked about other state governors who are debating legalizing recreational marijuana as well. Hickenlooper said, To a certain extent you could say it was […]

World

Dance Class Does A Better ‘Anaconda’ Dance Than Nicki Minaj Herself (Video)

We all saw what the 11-year-old had to offer in her rendition of Nicki Minaj’s “Anaconda,” but now, we have something even better. It’s an “Anaconda”-off in this dance studio. The routine was choreographed by Tricia Miranda and features Kaelynn KK Harris, Dominique Battiste, Taylor Thomas, Kaycee Rice, Bailey Sok and Allison Buczkowski. Sure, maybe you haven’t heard […]

World

Boy With Down Syndrome Gets To Don Jersey And Score Awesome Touchdown (Video)

Gabe White, an 8-year-old with Down syndrome, is an aspiring football player because he’s grown up watching his older brother, #84, play. White’s even been made honorary captain of the Rhinelander, Wisconsin, high school football team because he’s spent so many hours on the sidelines. Earlier this week, the Rhinelander Hodags lost to their competitors from […]