Precious Metal
Investors got less bullish on gold as hedge funds doubled their short holdings just before prices erased a weekly loss and Janet Yellen pledged to press on with economic stimulus if confirmed as Federal Reserve chairman.
Gold declined, snapping a three-day advance, as a rally in global stocks curbed demand for the metal as an alternative investment and investors weighed the prospects for Federal Reserve policy makers paring stimulus.
Bullion for immediate delivery dropped as much as 0.3 percent to $1,286.89 an ounce, and traded at $1,287.49 at 9:28 a.m. in Singapore. Gold for December delivery was little changed at $1,286.50 on the Comex.
Silver for immediate delivery fell as much as 0.4 percent to $20.7185 an ounce and was at $20.7288, extending three weeks of losses. Palladium dropped 0.5 percent to $728.80 an ounce, while platinum declined 0.3 percent to $1,436.30 an ounce.
Investors got less bullish on gold as hedge funds doubled their short holdings just before prices erased a weekly loss and Janet Yellen pledged to press on with economic stimulus if confirmed as Federal Reserve chairman.
Gold declined, snapping a three-day advance, as a rally in global stocks curbed demand for the metal as an alternative investment and investors weighed the prospects for Federal Reserve policy makers paring stimulus.
Bullion for immediate delivery dropped as much as 0.3 percent to $1,286.89 an ounce, and traded at $1,287.49 at 9:28 a.m. in Singapore. Gold for December delivery was little changed at $1,286.50 on the Comex.
Silver for immediate delivery fell as much as 0.4 percent to $20.7185 an ounce and was at $20.7288, extending three weeks of losses. Palladium dropped 0.5 percent to $728.80 an ounce, while platinum declined 0.3 percent to $1,436.30 an ounce.
