Bloomberg the Company & Products

Bloomberg Anywhere Login


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Gold Falls From 10-Month High Amid Weaker Demand in Asia

Don't Miss Out —
Follow us on:

Oct. 2 (Bloomberg) -- Gold futures fell from a 10-month high in New York on renewed concern that demand in Asia will remain slow. Silver also declined.

Imports of gold by India, the world’s top buyer, fell 56 percent in the second quarter, according to the World Gold Council. Standard Bank Plc said in a report today that weak bullion demand has been in place since mid-September and is the most severe in more than a year. In the three months ended Sept. 30, prices jumped 11 percent, the most since June 2010, as a third round of monetary stimulus in the U.S. revived demand for the metal as a hedge against future inflation.

“While the market has been going up on the stimulus fever, lack of support from physical demand is putting some pressure on prices,” Marc Ground, a commodity strategist at Standard Bank in Johannesburg, said in a telephone interview.

Gold futures for December delivery fell 0.4 percent to settle at $1,775.60 an ounce at 1:35 p.m. on the Comex in New York, dropping for the second time in three sessions. Yesterday, prices reached $1,794.40, the highest for a most-active contract since Nov. 14.

Silver futures for December delivery slid 0.8 percent to $34.669 an ounce in New York, after reaching $35.445 yesterday, the highest since March 2.

Holdings in silver-backed exchange-traded funds slid 122.8 metric tons yesterday to 18,503.6 tons, data compiled by Bloomberg show.

Platinum futures for January delivery rose 0.1 percent to $1,687.20 an ounce on the New York Mercantile Exchange, the sixth-straight increase.

Palladium futures for December delivery jumped 1.3 percent to $654.20 an ounce on the Nymex.

To contact the reporter on this story: Debarati Roy in New York at

To contact the editor responsible for this story: Steve Stroth at

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.