Arab Today, arab today gold softens as dollar firms
Last Updated : GMT 22:54:42
Arab Today, arab today
Arab Today, arab today

Gold softens as dollar firms

Arab Today, arab today

Arab Today, arab today Gold softens as dollar firms

Chicago - Xinhua

Gold futures on the COMEX Division of the New York Mercantile Exchange lost some steam Monday, as U.S. dollar garnered some strength against all the major currencies, eroding gold\'s appeal as an alternative asset. The most active gold contract for December delivery trimmed 22 dollars, or 1.3 percent, to 1,725.2 dollars per ounce. U.S. dollar leaped Monday morning after the Bank of Japan sold an undisclosed amount of yen in the foreign-exchange market overnight, in order to drag the yen down from a post-World War II high against the dollar. A strong yen erodes exporters\' profits by making them less competitive overseas and hurting the value of repatriated earnings. A trader mentioned that the move took the dollar back to its August level against the yen, the last time Japan intervened in currency markets. Gold and other dollar-denominated commodities were hurt by the strength in the greenback, as a strong dollar makes them more expensive for investors holding other currencies. Meanwhile, Chicago Mercantile Exchange Group and other exchanges clamped down on MF Global Holdings on Monday, as the company filed one of the nation\'s largest bankruptcy cases after suffering big losses on risky debt investments. Market analysts mentioned that the news on MF Global has triggered increasing investment selling in commodities markets, as investors worried about large-scale position liquidation, which also weighed on the gold market. The gold price has garnered a monthly gain of 6.3 percent in October, after posting a drop of 11 percent last month. Silver for December delivery lost 93.4 cents, or 2.6 percent, to 34.354 dollars per ounce.

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