The price of gold fell to a near one-week low on Thursday as positive economic data from the US raised hopes of a rapid economic recovery, denting its appeal.
In the currency market
Euro: The euro fell for the third day in a row, closing down 0.04 percent at 1.1848. Technically, the pivot point of the currency is at 1.1834, the initial resistance to the upward movement of the exchange rate is at 1.1880, further resistance is at 1.1910 and the key resistance is at 1.1956. The initial support is at 1.1804, further support is at 1.1758, and more critical support is at 1.1727.
Sterling: Fell for a second day against the DOLLAR, closing down 0.55% at 1.3271. Technically, the pivot point of the currency is at 1.3292, the initial resistance to its upward movement is at 1.3343, further resistance is at 1.3408, and the key resistance is at 1.3459. The initial support is at 1.3227, further support is at 1.3176, and more critical support is at 1.3110.
Jpy: DOLLAR/jPY fell for the first time in four days, closing down 0.01% at 106.17. Technically, the pivot point of the currency is at 106.24, the initial resistance to its upward movement is at 106.48, the further resistance is at 106.79, and the key resistance is at 107.04. Initial support for the lower exchange rate is at 105.93, further support is at 105.68, and more critical support is at 105.37.
The stock market
New York (Ap) — Stocks fell sharply Thursday, pulling back from all-time highs, led by technology stocks, and panic indexes surged. The Dow Jones Industrial Average closed down 809 points, or 2.8%, at 28292.73, its biggest one-day drop since June 11. The STANDARD & Poor’s 500 index fell 125.78 points, or 3.51 percent, to 3,455.06. The Nasdaq Composite Index fell 598.34 points, or 5 percent, to 11458.10.
European stocks closed lower on Thursday as investors digested key economic data from around the world. In Europe, the Stoxx 600 index closed down 5.20 points, or 1.40 percent, at 366.08. Technology stocks led the way, falling nearly 4 per cent. Germany’s DAX index closed down 185.66 points, or 1.40 percent, at 13057.77. Britain’s FTSE 100 index closed down 90.09 points, or 1.52%, at 5850.86. The CAC40 index in France closed down 22.22 points, or 0.44%, at 5009.52. Spain’s IBEX35 index closed up 9.10 points, or 0.13%, at 7006.00. Italy’s FTSE ended 306.73 points lower, or 1.54%, at 19,551.48. In Europe, the Stoxx 50 index closed down 34.02 points, or 1.02 percent, at 3,303.75.
Spot gold closed at $1,930.21 an ounce, down $12.26, or 0.63 percent. On the day, spot gold hit as high as $19,500.90 an ounce and as low as $1,921.72.
COMEX gold futures for December delivery closed down about 0.4 percent at $1,937.80 an ounce, the lowest close since August 27.
Oil prices continued their slide on Thursday amid signs that the global economic recovery is stalling in many key economies and that demand for crude is stabilizing well below pre-outbreak levels. Brent crude for November delivery was down 36 cents at $44.07 a barrel.