Bloomberg Anywhere Login

Bloomberg

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.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Gold Drops From One-Week High on Signs Israeli Fighting May End

Nov. 20 (Bloomberg) -- Gold declined from a one-week high as a Hamas official said a draft accord with Israel that would end fighting in the Gaza Strip is almost ready, crimping demand for the metal as an investment haven.

An announcement was likely at 9 p.m. Cairo time, and the cease-fire will take effect at midnight, Osama Hamdan, a Hamas official, said by telephone from Beirut. His comments came as U.S. Secretary of State Hillary Clinton flew to the region to join truce talks that also include United Nations Secretary-General Ban Ki-moon.

“Signs of a cease-fire seems to have taken some blush off gold,” Frank McGhee, the head dealer at Integrated Brokerage Services LLC in Chicago, said in a telephone interview.

Gold futures for December delivery fell 0.6 percent to settle at $1,723.60 an ounce at 1:39 p.m. on the Comex in New York, after reaching $1,736, the highest since Nov. 12. The price has gained 10 percent this year.

Silver futures for December delivery dropped 0.8 percent to $32.93 an ounce in New York, after touching $33.26, the highest since Oct. 18.

On the New York Mercantile Exchange, platinum futures for January delivery slid 0.7 percent to $1,573 an ounce. Palladium futures for December delivery retreated 1.1 percent to $638.35 an ounce, the third drop in four sessions.

To contact the reporter on this story: Debarati Roy in New York at droy5@bloomberg.net

To contact the editor responsible for this story: Steve Stroth at sstroth@bloomberg.net

Please upgrade your Browser

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

Chrome, Firefox, Safari, Opera or Internet Explorer.