As falling equities incited investors to gain cash by selling precious metals gold declined in Asia for a third day
As falling equities incited investors to gain cash by selling precious metals gold declined in Asia for a third day.
Japan's benchmark Nikkei 225 Stock Average slipped after General Electric Co. announced that profit unexpectedly dropped, heightening concern other companies' earnings will be worse than forecast. U.S. equities on April 11 had their biggest drop in five weeks after GE said the credit-market crisis cut profit.
Bullion for immediate delivery fell $9.86, down 1.1 percent, to $915.45 an ounce at 11:11 a.m. Tokyo time. Silver fell 2.5 percent to $17.32 an ounce.
The dollar's advance against the euro also weakened demand for precious metals as a hedge against a weakening currency and the inflation that may accompany it.
The U.S. currency, which last week touched a record low versus the euro, today rose the most in two weeks after Group of Seven officials expressed concern that swings in exchange rates will disrupt the global economy and financial markets.
The dollar rose to $1.5703 per euro at 11:19 a.m. in Tokyo from $1.5808 late in New York on April 11, after dropping 0.6 percent last week.
Gold for June delivery declined 0.9 percent to $919 an ounce in after-hours electronic trading on the Comex division of the New York Mercantile Exchange at 11:20 a.m. Tokyo time.
Gold for February 2009 delivery on the Tokyo Commodity Exchange fell 1.8 percent to 2,999 yen a gram at 11:24 a.m. local time.