Some of the pressure on gold is technically oriented follow-through selling, a couple of traders said.
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Silver remains volatile and this will likely keep most market participants sidelined, traders said.
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Nonetheless, traders said that investors had lost patience with arguments that higher inflation is inevitable.
Traders said the system needed to be more flexible and only used during busy periods.
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Traders said they have excess stock and face financial losses following the cancellation of other events.
The change in tax calculation would add between 70-100 rupees per 10 grams of gold, traders said.
Chief among the forces driving the narrower discounts is the greater appetite for stocks in general, traders said.
Traders said many investors are looking for any pullbacks in stock prices to move money out of cash.
Traders said along with gold, other beneficiaries of safe-haven buying are the U.S. dollar and the Swiss franc.
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In a statement, industry group the Society of Motor Manufacturers and Traders said it was very disappointing news.
Volumes in bond, currency and futures markets jumped but soon subsided, traders said.
Some traders said they see potential for more such selling in the near term if equities continue to stumble.
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In a presentation to the full council, market traders said the new site will be smaller and not as visible.
U.S. equities markets were relatively lightly traded Monday, which some traders said could have contributed to the midafternoon turn higher.
If the yen continues to strengthen against the U.S. dollar, currency traders said they expect the Bank of Japan would intervene.
Some traders said the market got some help from unexpectedly positive comments on the outlook by hedge-fund manager David Tepper.
Other jewellery traders said they had been persuaded to go back to work by the police, and their own professional association.
Either way, once gold began to fall, the selling cascaded with few investors willing to step in and buy, traders said.
Cricklewood-based prop hire firm Theme Traders said it had decided to keep the chair as it was such an "iconic" item.
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Traders said hedge funds and individuals were largely behind the stock trading.
That heavy selling likely accelerated the decline in gold prices, traders said.
Still, several traders said gold is now back above its 200-day moving average after having fallen back below over the last week.
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Traders said that hedge funds and short-term individual investors were the key players, with trading strategies focused on Tokyo stocks and the yen.
They will also get a refund of 10% of their rates from the past three years, but traders said they needed more help.
Ipswich Borough Council said the money is available if the plans are viable, but market traders said they did not want to move.
As August starts to wind down, the market remains focused on the potential for more monetary easing from the Federal Open Market Committee, several traders said.
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Flows out of the fund are likely to have been even higher Monday, traders said, after volume in the SPDR fund surged to an all-time high.
When the central bank does sell dollars, it is to a small group of buyers and in smaller quantities than seen in the past, traders said.
Meanwhile, NYSE Euronext's Amex options market was flooded with more than 30, 000 erroneous trades on Friday in what traders said was likely an automated strategy running off course.
Some traders said parking was a deterrent to would-be shoppers.
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