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US gold loses shine, trading lower in Asia


US gold loses shine, trading lower in Asia
Gold, a traditional safe-haven during dark economic turmoil lost its shine on Thursday in Asian trade after kissing a US $1,800-mark.

It has been seen trading lower on Thursday as gloomy Italy picture forced investors to cash in their holdings from gold to cover up losses occurred in other riskier investments.


Spot Gold in Asia was seen trading down by 2% or $40 per ounce from yesterday at US $1,758.52 an ounce.

But this trend can be for a short-term as situation in developed nations appears still grim.

Over in euro zone, three out of seventeen European nations i.e. Greece, Portugal and Ireland already require bailouts due to their deteriorating financial health.

After these three European countries, Italy is emerged as the new centre of concern in the euro zone debt crisis as its borrowing cost breached 7% putting the country at the brink of debt crisis.

Asian stocks also fell on Thursday as the rising concerns over the euro zone sapped investors' risk appetite.

Analysts are bullish about the gold for near-term as the situation in Europe still remains the same.

Read more about: gold investment asia greece italy
Story first published: Thursday, November 10, 2011, 13:50 [IST]
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