Gold falls in Asia
Gold fell in Asia as worries about the US housing sector sparked selling in equities, raising the prospect of sales of precious metals to cover stock market losses or to reduce risks.
By Agencies |
MELBOURNE: Gold fell in Asia as worries about the US housing sector sparked selling in equities, raising the prospect of sales of precious metals to cover stock market losses or to reduce risks.
Gold had its largest one-day fall since March 2 in previous day's trading when it dropped 6.70 dollar, or 1 per cent, as the Dow Jones Industrial Average, S and P 500 and Nasdaq Composite Index all had their steepest retreats since a global rout two weeks ago.
Brokers can make so-called margin calls on clients if they need additional funds to guarantee contract obligations, marketmen said.
Gold for immediate delivery fell 3.10 dollar, or 0.5 per cent, to 640.70 dollar an ounce. In Japan, gold futures for delivery in February 2008 fell 59 yen to 2,421 yen a gram (648 dollar) at the end of morning session in Tokyo.
Gold futures for April fell 8.30 dollar, or 1.3 per cent, to 641.10 dollar an ounce on the New York Exchange.
ADVERTISEMENT
Silver for immediate delivery fell 9 cents, or 0.7 per cent, to 12.69 dollar an ounceThe US Mortgage Bankers Association said foreclosures are climbing on loans to borrowers with the best credit ratings, a sign of broader trouble in the housing market.
Asian stocks fell this morning, following their US counterparts. The Morgan Stanley Capital International Asia- Pacific Index fell 2.4 per cent to 140.59 in Singapore, its biggest one-day fall since March 5.
Too busy to trade in stocks? Invest in Mutual Funds with ET Money!
Bookmark or read stories offline -
Download ET Markets APP
Download ET Markets APP
ADVERTISEMENT
