Gold Futures Edge Higher as U.S. Stocks Rise, Dollar Mixed
Source: MarketWatch, Polya Lesova (8/18/09)
". . .gold will likely be dragged lower as investors are forced to liquidate assets to cover margin requirements."
December gold futures, the most active contract, were last up $1.80 to $937.80 an ounce on the New York Mercantile Exchange.
The contract earlier rose to an intraday high of $941.60 an ounce.
"For now, we see gold holding the current $920-to-$965 range, but should equities succumb to further pressure, gold will likely be dragged lower as investors are forced to liquidate assets to cover margin requirements," wrote James Moore, analyst at TheBullionDesk.com, in a note to clients.
Also in Nymex metals action, September silver futures fell 5 cents to $13.92 an ounce and September copper gave up 4 cents to $2.73 a pound.
October platinum futures rose $8.20, or 0.7%, to $1,230.80 an ounce and September palladium futures gained $2.55 to $269.95 an ounce.
The SPDR Gold Trust ETF (GLD) gained 0.3% and Market Vectors Gold Miners ETF (GDX) rose 1.2%. The iShares Silver Trust ETF (SLV) fell 0.7%.