Sunday, July 8, 2012

Gold futures prices down july 9 2012

Gold futures prices down july 9 2012 : Gold inched down on Monday, extending losses to a third session, on a lack of conviction the U.S. Federal Reserve would take measures to stimulate the economy anytime soon even after a disappointing jobs report.


* Spot gold dropped to its lowest in almost two weeks of $1,575.89 an ounce, before recovering slightly to $1,578.89 an ounce by 8:28 p.m. EDT (0028 GMT).

* U.S. gold was little changed at $1,579.40.

* U.S. employers hired at a dismal pace in June, raising pressure on the Federal Reserve to do more to boost the economy and dealing another setback to President Barack Obama's reelection bid.

* The weaker-than-expected U.S. employment data has raised the chance in favor of the Fed launching a new round of monetary stimulus to 65 percent from 50 percent in late June, a Reuters poll of Wall Street economists showed.

In the latest poll, eight primary dealers expected the Fed to launch QE3 at Fed meetings in August or September, and 12 saw it happening by year-end.

* Investors await the China June inflation data, which is expected to ease to a 29-month low, giving Beijing more room to stimulate the economy.

* Later this week, China will also release data on trade, industrial output, retail sales, money supply for June, as well as the second quarter's gross domestic product.

* U.S. stocks fell about 1 percent on Friday as another month of tepid jobs growth underlined fears the economy was stalling, though not to the point where more economic stimulus from the Federal Reserve was imminent. .N

* The euro plumbed a two-year low versus the greenback early on Monday, while high-beta currencies like the Australian dollar nursed losses with markets still smarting after tepid U.S. jobs growth dealt a blow to risk sentiment late last week.

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