The recent bullion rally, which has taken spot prices from around $608 on Jan. 8 to $646 recently, seems to have shaken out some physical buyers, one observer notes.
In particular, India's purchases appear to have dwindled to a trickle during the rally, says Rhona O'Connell, an analyst at GFMS Analytics in the U.K. Turning to the miners, the CBOE Gold Index was dipping 0.6%, pulled under in part by shares of component Gold Fields(GFI Quote), off 2% recently. Barrick Gold(ABX Quote) and Newmont Mining(NEM Quote) were down also, losing 1% and 0.4%, respectively. As for base metals, copper was losing 3 cents at $2.62 a pound on the Comex. Elsewhere in the sector, the Indian conglomerate Aditya Birla is expected to submit a bid of between $5 billion and $6 billion for aluminum maker Novelis(NVL Quote), according to a report from the Hindustan Times. The company confirmed it was in talks to sell itself, but it didn't name the potential buyer. Shares of Novelis were rallying 23% recently.- Loading Comments...
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| Dow Jones | S&P 500 | NASDAQ | 10-Year Note | |
|---|---|---|---|---|
| 10,388.90 | 1,105.98 | 2,194.35 | 34.83 |
Oil *
77.74
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|
UP
22.75
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UP
6.06
|
UP
21.21
|
UP
1.03
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10 Yr
3.48%
SPDR Gold
113.75
|
|
+0.22%
|
+0.55%
|
+0.98%
|
+3.05%
|
Data delayed 20 minutes |














