CHICAGO, May 7 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange on Tuesday plunged to the lowest level since May 1 on big outflows from gold exchange-traded funds (ETFs).
Source from (Xinhuanet): http://news.xinhuanet.com/english/business/2013-05/08/c_124677406.htm
Published: May 10, 2013
The most active gold contract for June delivery fell 19.2 dollars, or 1.31 percent, to settle at 1,448.8 dollars per ounce.
Data released late Monday showed a record withdrawal from gold ETFs in April, including about 7.3 billion dollars worth of net redemptions in the largest physical gold ETFs: the iShares Gold Trust and SPDR Gold Trust. Meanwhile, the gold holdings by gold ETFs continued to decline and stood at 1,062 tonnes Monday, down from 1,075 tonnes on Wednesday.
Market analysts hold that professional money managers have built up a considerable short position, even the monetary easing move from Australia failed to boost gold prices. The Reserve Bank of Australia on Tuesday announced to cut its key interest rate by 25 basis points to 2.75 percent. Nor did negative data help lift gold prices. The U.S. Labor Department on Tuesday reduced job openings at workplaces to 3.84 million in March from 3.9 million in February.
As long as gold ETFs continue to dump the precious metal, investors will be very cautious in their gold investment, market analysts say.
Silver for May delivery dropped 14.9 cents, or 0.62 percent, to close at 23.806 dollars per ounce. Platinum for July delivery lost 26.5 dollars, or 1.76 percent, to close at 1,481.2 dollars per ounce.
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