BLBG:Gold Retreats as Dollar Extends Advance; Silver Declines
“We’ve been waiting for QE3 in gold for over a year and now it’s happened,” said Matthew Turner, a precious metals strategist at Mitsubishi Corp. (8058) International (Europe) in London. “I don’t think we’re going to see a huge move either way until next Friday’s figures.”
Gold futures for December delivery fell 0.3 percent to $1,761.90 an ounce by 7:53 a.m. on the Comex in New York. The metal for immediate delivery was little changed at $1,760.
The U.S. jobless rate this month probably rose to 8.2 percent from 8.1 percent, according to the median of 13 economist estimates compiled by Bloomberg. Gold climbed 70 percent as the Fed bought $2.3 trillion of debt in two rounds of quantitative easing from December 2008 through June 2011.
Silver for December delivery dropped 0.3 percent to $33.835 an ounce, the fourth consecutive decline. Platinum for January delivery was down 0.2 percent at $1,632.40 an ounce and palladium declined 1.5 percent to $631.25 an ounce.
To contact the reporter on this story: Claudia Carpenter in London at ccarpenter2@bloomberg.net
To contact the editor responsible for this story: Claudia Carpenter in London at ccarpenter2@bloomberg.net
