New York Gold futures Prices Change as Dollar Rebounds erasing gains

Gold futures were little changed, erasing earlier gains as the dollar rebounded from lows, making the metal less attractive as an alternative investment.

The dollar recovered little changed against a basket of six major currencies, having lost as much 0.8 percent earlier today. Bullion is usually inversely proportional to the dollar. Gold has gained 25 percent this year as investors lost confidence in currencies and sought to protect their wealth from debt misery in Europe.

?Given the nervous system and environment in the absence of more comprehensive physical support, gold may have more room to the negative as the dollar continues to strengthen and Treasury yields rally,? UBS AG London-based analyst Edel Tully said in a report.

Futures for February delivery were little changed at $ 1,370.90 an ounce on the Comex in New York at 7:21 pm, after gaining as much as 0.5 percent earlier today. The precious metal fell by 1 percent this week. Gold for immediate delivery was little changed at $ 1,370.35 an ounce in London after gaining as much as 0.6 percent earlier. The metal touched $ 1,361.39 in London yesterday, the lowest price since Nov. 29.

?If there are physical signs of stronger demand from traditional sources, we would be less worried about the prospect of further liquidation, but with the holiday period and year-end approaches, investors will increasingly be tempted to square up positions,? Tully said.

London ?fixing?

Bullion increased to $ 1,374.75 an ounce in the morning ?fixing? in London, which some mining companies to sell production, from $ 1,363 to yesterday afternoon to fix.

Assets in gold exchange traded products, fell to 1.87 tonnes 2,097.83 tons yesterday, according to data compiled by Bloomberg from 10 providers. Holdings reached a record 2,104.65 tonnes on Oct. 14. The metal is headed for a 10th annual advance and futures reached an all-time high of $ 1,432.50 per ounce on December 7.

Futures can be dropped by the price levels that triggered automatic sell orders, ?said Bayram Dincer, an analyst at LGT Capital Management in Pfaeffikon, Switzerland. That is a buying opportunity for those who are bullish, ?he said by e-mail.

Silver for March delivery lost 0.2 percent to $ 28,735 per ounce on the Comex. The metal has increased 71 percent this year, better than gold. ETP silver companies gained for sixth straight day, adding 0.94 tonnes 15,172.49 tonnes yesterday, the highest amount since at least February, data from four providers see.

Palladium for March delivery fell 0.7 percent to $ 737.50 an ounce on the New York Mercantile Exchange. Platinum for January delivery fell 0.1 percent to $ 1,697 an ounce. effects of the mining accident in chile chile mining shares chilean gold shares companies to profit from a second korean war effect of price of gold on earnings and stock price gold equities leveraging effect how will a korean war affect precious metal prices philadelphia gold and metal steel price forecast 2011 iron ore price index steel price forecast steel price fluctuation 2011 steel prices steel price 2011 coal prices 2011 iron ore iron price fluctuation mineral price index.