SYDNEY: Gold dropped more than $5 on Monday as investors braced for a third straight week of losses on Wall Street following a world leaders' meeting that vowed to toughen oversight of the financial system but stopped short of announcing major regulatory breakthroughs. Spot gold fetching $738.90 at 2358 GMT versus $744.25 late o Friday. G20 leaders agree that "colleges" of international supervisors are needed for all major global financial institutions, such as Swiss-based UBS AG or Goldman Sachs. Gold's retreat mirrors decline in oil, which fell over $1 to below $56 a barrel CLc1.
Australia's S&P/ASX200 stock index down 2.89%. US gold futures for December delivery GCZ8 were running at around $742.50 in electronic trade after settling up $37.50, or 5.3%, to $742.50 an ounce on the COMEX division of the New York Mercantile Exchange on Friday. The yen and US dollar push higher and send mixed signals to currency arbitrage speculators in bullion markets. Spot platinum slid $4 to $838 an ounce, while spot palladium shed $1.50 to $212.50.
Spot silver slipped 4 cents to $9.51 an once.
|
Published on 
Tags:
