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Gold Declines In Asia

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Gold declined in Asia on speculation that investor demand for the precious metal is slowing on signs that the global economic recovery is strengthening.

Gold for immediate delivery decreased 0.2 percent to $1,208.95 an ounce at 9:14 a.m. in Singapore. Futures for August delivery in New York were little changed at $1,209 an ounce.

“Gold may need some impetus to break beyond the current level,” said Chae Un Soo, a Seoul-based trader with KEB Futures Co. “As concerns about the economic recovery ease, investors are losing their appetite for gold, though any sharp decline in prices is unlikely.”

Bets on gold price rises by hedge-fund managers and other large speculators dropped the most since April 2009. Assets in the SPDR Gold Trust, the biggest exchange-traded fund backed by bullion, decreased 1.52 metric tons to 1,314.51 tons on July 9, according to figures on the company’s website.

Speculative long positions, or bets prices will rise, outnumbered short positions by 209,042 contracts on the Comex in New York in the week ended July 6, U.S. Commodity Futures Trading Commission data showed. Net-long positions fell by 35,683 contracts, or 15 percent, from a week earlier.

Still, gold is headed for a 10th annual advance as investors seek to preserve their wealth from Europe’s financial turmoil. Thirteen of 20 traders, investors and analysts surveyed by Bloomberg, or 65 percent, said bullion will climb this week. Four forecast lower prices and three were neutral.

“We are in strange, uncharted waters as far as the world economy is concerned and as long as people have substantial insecurities about the major developed economies, I don’t see any reasons why that would change,” said Gavin Wendt, a senior analyst with MineLife Co. Ltd. in Sydney.

By Kim Kyoungwha

July 12, 2010, Bloomberg (www.businessweek.com)

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I am a Graduate Gemologist trained at the Gemological Institute of America (GIA) in New York City, USA. I hold an MBA degree from Cranfield University, United Kingdom, and a Bachelor degree in Mathematics. My earlier profession was a banker until I found jade in Myanmar (Burma) in the early 90s. I have traveled to the fabled Hpakan Jade mines, and Mogok, the world’s famous rubies and sapphires mines in upper Burma, with my second son. Three of my children are also Graduate Gemologist, GIA, NYC and they deal in diamonds, gemstones and jade. 我是在美国纽约市的美国宝石学院(GIA)接受过培训的宝石研究学家。 我拥有英国克兰菲尔德大学的工商管理硕士学位和数学学士学位。我以前的职业是银行家,直到90年代初我在缅甸接触到玉石。我曾经和我的次子一起去过缅甸上流传说中的哈帕翡翠矿山和莫谷矿山, 莫谷矿山是世界上著名的红宝石和蓝宝石矿山。我的三个孩子都是纽约市GIA毕业的宝石研究学家, 他们专门处理钻石,宝石和玉石.

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