Gold extends loss amid liquidity crunch
时间：2011-09-27 07:10:20
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CHICAGO, Sept. 26 (Xinhua) -- Gold futures1 on the COMEX Division of the New York Mercantile extended loss on Monday, the fourth straight drop in a row, as investors2 rushed for cash amid liquidity3 crunch4 due to massive losses on other assets.
The most active gold contract for December delivery lost 45 U.S. dollars, or 2.7 percent, to 1,594.8 dollars per ounce, the lowest settlement since July 8.
Market
analysts6 said that the gold market is suffering drastic correction as investors are cashing in their profits to cover loss in other investments. Besides, the increase in
margin7 requirement also added to the negative tone.
A trader
noted8 that gold is one of the few assets that remain in positive territory this year, so investors head for cash from this market.
CME Group on Friday raised the margin requirements for some futures contracts of gold, silver and
copper9. As a result, gold price
plunged10 by more than one hundred dollars in the day, or 5.9 percent, the biggest drop in five years.
However, HSBC's
analyst5 said that the decline in
speculative11 positions meant that the short-term longs are being cleaned out of the market, which could leave gold well-placed to trade higher when the current selling cycle ends.
Silver for December delivery declined 12.5 U.S. cents, or 0.4 percent, to 29.976 dollars per ounce.
Platinum12 for October delivery also shed 66.3 dollars, or 4.1 percent, to 1,546.9 dollars per ounce.
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