Gold: To be sideways
Gold slid as if it was on a toboggan. It slid throughout the day, punctuated by sharp upward rallies, thus inviting lots of day traders. However the net result was downward effect on the prices. After opening at about $993 level, the yellow metal made a quick high during the closing of the Hong Kong market to $895.30, something that turned out to be the day's top. After that there were a few more bouts of ups and downs, literally dream come true for day traders, but in the end prices were hardly too far from where they had begun in the morning.

Gold declined, as investors speculated that the Fed (Federal Reserve) may signal at a policy meeting this week that it is close to ending interest rate cuts, and as crude oil's rally to a record stalled. Oil climbed to as high as $119.93 a barrel yesterday.