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發表於 2006-10-24 21:52:34
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Weak oil, stronger dollar tug gold lower
Gold futures fell early Tuesday, taking their cue from weak oil prices as traders remained skeptical that a planned production cut from major petroleum producers will do much to dent supplies or halt sliding prices.
Renewed dollar strength added to the downdraft for gold. The market is still lacking momentum of its own and as such it is at the mercy of external forces, primarily oil and the dollar.
Short-term sentiment is still bearish, particularly with physical demand slowing in Asia and given the recent theme of speculative liquidation and absence of strong investor demand, there is still scope for a dip to lower area.
The dollar rose as speculation built that the Federal Reserve will again highlight inflation as a worry when policymakers decide on interest rates and issue their accompanying statement on Wednesday.
The Federal Open Market Committee's widely expected to conclude its two-day policy meeting with a decision to keep rates on hold. |
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