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Friday, November 27, 2009

Gold Collapses By Nearly $65 On Dubai Sell Off

Gold futures fell sharply on Friday, tumbling to a low near $1,130 an ounce, as debt woes in Dubai fueled a sell-off in commodities and stocks, while the U.S. dollar gained against its rivals. 

Gold for December delivery tumbled from a high of $1,195 an ounce to an intraday low of $1,130.10 an ounce in electronic trading on Globex. That is a decline of nearly $65, or more than 5%. In recent trading, gold fell $27.80, to $1,159.20 an ounce.

European stocks fell in early trading. U.S. stock-market futures traded sharply lower in the wake of a sell-off overnight in Asia as nervous markets worried about banks' exposure to Dubai World's debt.

Dubai World, the city-state's largest corporate entity, has asked creditors for a six-month stay on debt repayments of $59 billion.

The dollar rose against its rivals as investors sold currencies perceived as risky. Oil futures were down more than 6% or $5 at $ 72.39 per barrel.

MCX Gold futures also tumbled very aggressively down Rs 431 or 2.4% to Rs 17567 from yesterdays closing level. The next support comes around Rs 17300 levels.
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