CN:Gold falls in reaction to stronger dollar, other market moves
By Allen Sykora
Gold has fallen back below $1,500 an ounce, under pressure from a rising U.S. dollar, Commerzbank says. “Investors are taking profits with gold to compensate for losses with other assets,” the bank adds. Global equities and most commodities are weaker.
Still, Commerzbank says, further sharp price losses should be limited by a greater interest in physical buying at lower levels. Silver continues on a roller-coaster ride, Commerzbank adds.
“Despite the price slump already, we still see further correction potential for silver, though its downward course is unlikely to be a one-way street,” the bank says.
“Silver ETF holdings are also very volatile at present; the world’s largest silver ETF, iShares Silver Trust, registered an outflow of 45.5 tons yesterday.”
