Gold and silver led losses in precious metals on speculation Chinese demand will fall during the Lunar New Year holiday.
Volumes
for the Shanghai Gold Exchange benchmark spot contract dropped about 75
percent from Mondays level to the lowest in more than a year, data from
the bourse show. China, the second-biggest bullion buyer after India,
will close markets for five days starting Wednesday.
Gold
for April delivery lost as much as 0.7 percent to $1,218.30 an ounce
and traded at $1,220.10 by 8:12 a.m. on the Comex in New York. Silver
for March delivery fell as much as 3.7 percent, the most this month, to
$16.655 an ounce.
Bullion
has risen 3.1 percent in 2015 as investors sought a haven from slowing
global economic growth and political turmoil over Greeces bailout. The
country is moving closer to a euro exit after the currency region™s
finance ministers said there will be no more talks on financial support
unless the Greek government requests an extension of its existing
bailout program.
Source: Bloomberg
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