Business | Markets

Gold slips 1% as oil falls

Gold slipped more than one per cent yesterday as oil prices eased and as investors, disappointed at the metal's failure to break technical resistance above $885 (Dh3,250.6) an ounce, sold bullion in favour of more buoyant assets.

  • Reuters
  • Published: 23:38 January 7, 2009
  • Gulf News

London: Gold slipped more than one per cent yesterday as oil prices eased and as investors, disappointed at the metal's failure to break technical resistance above $885 (Dh3,250.6) an ounce, sold bullion in favour of more buoyant assets.

But the outlook for the precious metal still remains favourable, traders said, with the dollar again weakening against the euro and investors still concerned about the outlook of the global economic situation.

Spot gold was quoted at $847.80/849.80 an ounce at 15.03 GMT, against $863.35 late in New York on Tuesday.

  • Rate this article
  • Average reader rating (0 votes) 0 Stars
Tools

Emailing an article to friend is a simple way to share a news item. Your friend will receive an email with your name and email address as well any personal message you choose to send.

The information you provide on this page will not be used to send unsolicited emails.

This service is not intended to encourage spam, and action may be taken against individuals who maliciously enter personal details of another individual.

Share this article

More from Markets

  1. Dollar pulls back after Fed maintains low rates

  2. India government stake sale plan revives interest

  3. Investors await retail earnings to assess recovery

  4. Stocks, commodities slide on job data

All articles in Markets

More from Business

Gulf News
Popular in Business
Precious jump
General

Precious jump

Gold prices at new high as India's central bank buys $6.7b worth of gold

Business Editor's choice