Gold News & Info

Source: Marketwatch

San Francisco— Gold futures fell Tuesday to end an eight-session winning streak as a climb in consumer confidence and upbeat earnings reports helped feed gains in the U.S. stock market. Prices, however, staged a partial recovery to finish above $1,500 an ounce. �A period of correction and consolidation has been expected for some time and it may ensue as gold, and particularly silver, are overbought in the short term,� analysts at GoldCore said in a note to clients. Silver for May delivery fell 4.5%, or $2.10, to end at $45.05 per ounce. In Monday�s session, the metal ended at $47.149 an ounce, a rise of $1.09, or 2.4%. Silver futures saw record trading volume on Monday, the CME Group said in a news release Tuesday.

In a review of last week�s trading, which saw strong gains for both gold and silver, analysts at GoldForecaster.com said, �it is clear that gold is neither spiking nor raging. It is being �re-evaluated� in a dramatically changing market. Add burgeoning Asian demand that buys to hold, central bank demand that �buys the dips� and you are seeing a runaway price with only short sharp corrections,� they said. Strategists remained mostly upbeat over the prospects for gold and silver going forward. �We believe the metals bull is healthy, with silver fully capable of lighting up the big 5-0 ($50),� said Richard Hastings, a macro strategist at Global Hunter Securities. See full story.