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 Gold Futures Fall on Speculation Bailout Plan Will Pass |
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pirate
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作者：pirate 在 谈股论金 发贴, 来自【海归网】 http://www.haiguinet.com
Oct. 2 (Bloomberg) -- Gold tumbled more than 5 percent on speculation the U.S. Congress will approve a plan to revive credit markets, reducing the appeal of the precious metal as a haven. Silver plunged 13 percent.
The dollar rose to the highest in a year against a basket of the euro, yen and four other major currencies after the Senate authorized the government to buy troubled assets from banks. Gold gained 5.5 percent in September as Lehman Brothers Holdings Inc. collapsed and the U.S. took over American International Group Inc., Fannie Mae and Freddie Mac.
``The dollar is up big on the Senate passing the bailout plan,'' said Matt Zeman, a metals trader at LaSalle Futures Group in Chicago. ``In terms of gold, there's a lot of optimism that this bill is going to pass in the House. The safe haven is gone, and gold definitely suffers if this thing is passed.''
Gold futures for December delivery fell $49, or 5.5 percent, to $838.30 an ounce at 11:12 a.m. on the Comex division of the New York Mercantile Exchange. Earlier, the price touched $833.50, the lowest for a most-active contract since Sept. 19.
Silver futures for December delivery declined $1.61 to $11.16 an ounce. A close at that price would mark the biggest percentage decline since June 13, 2006.
Before today, gold was up 5.9 percent this year, while silver dropped 14 percent.
The House of Representatives is set to vote on the banking measure tomorrow.
Interest Rates
The dollar rallied on expectations the U.S. will act faster than Europe to rescue the credit markets. The European Central Bank kept its benchmark rate at 4.25 percent today. The U.S. federal-funds rate is at 2 percent, down from 5.25 percent in September 2007.
Gold reached a record $1,033.90 in March as the euro headed for an all-time high against the dollar in July.
Gold may rebound on renewed demand for an alternative asset, said Jeffrey Christian, the managing director at CPM Group in New York.
``The passage of the bailout could increase safe-haven demand for gold as investors realize the plan will not stabilize the U.S. financial markets, but only compound problems,'' Christian said.
Since the second quarter of 2007, banks worldwide have posted $587.7 billion in losses and writedowns related to investments in subprime mortgages.
On Sept. 30, investment in the SPDR Gold Trust, the biggest exchange-traded fund backed by bullion, rose a record 755.3 metric tons, up 23 percent from Sept. 10.
作者：pirate 在 谈股论金 发贴, 来自【海归网】 http://www.haiguinet.com
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 Gold Futures Fall on Speculation Bailout Plan Will Pass -- pirate - (2535 Byte) 2008-10-03 周五, 00:58 (1128 reads)
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