Metals – Market Recap – July 2,2009

Bloomberg (Reported 7.2.09):

“July 2 (Bloomberg) -- Gold declined in Asian trading as a gain in the dollar curbed the precious metal’s appeal as an alternative investment.

The dollar climbed from a three-week low against the euro after a Chinese official said he hoped the greenback would remain stable and was “not aware” of a plan to discuss a new reserve currency at next week’s Group of Eight meeting. Gold surged 1.5 percent yesterday, the largest closing gain since June 4, as the dollar slumped. ” Gold Declines in Asia as Strengthening Dollar Reduces Appeal

Reuters (Reported 7.2.09):

“LONDON (Reuters) - Gold fell toward $930 per ounce on Thursday, losing ground as the dollar strengthened broadly ahead of monthly U.S. jobs data that investors expect to provide more clarity on the pace of economic recovery.

Spot gold stood at $932.05 at 6:41 a.m. EDT, falling from $939.95 late in New York on Wednesday.” Gold slips ahead of data; dollar strengthens

Wall Street Journal (Reported 7.2.09):

“Private-sector jobs data and a report that China wants debate on a new reserve currency dealt a one-two blow to the dollar but revived gold.

The nearby July gold contract rose $13.90, or 1.5%, to $941 an ounce on the Comex division of the New York Mercantile Exchange. The most-active August contract rose $13.90 to $941.30, after losing $13.30 the prior day.” Dollar, Jobs Reports Boost Gold

NS Futures (Reported 7.1.09):

“Those holding long positions should seek long put protection…” Full Report