Gold Futures Fell to Record Low in Four Weeks

Gold futures fell to their lowest in four weeks on Monday as investors were uncertain over the euro zone debt situation and failure of talks of deficit reduction panel in United States.

Gold futures contract for December delivery fell 2.7 percent or $46.40 to settle at $1,678.60 per ounce on the Comex trading of the New York Mercantile Exchange. Head of research, Adrian Ash from BullionVault commented, “Gold is caught in the same flight to cash as everything else.”

In opinion of most analysts rising dollar also made a substantial impact over the commodities. Gold is always negatively correlated with the greenback and declines in reaction to stronger US dollar. The dollar index DXY which measures the US dollar’s performance against its six major rival currencies gained to 78.315 on Monday as compared to 78.098 on Friday’s North American trading session.

Among other base metals, silver futures contract for December delivery fell 4 percent or $1.30 to $31.12 per ounce while copper futures contract for same month delivery declined 2.9 percent or $0.10 to $3.30 per pound.

Platinum for January delivery plunged 2.8 percent or $44.90 to $1,543.80 per ounce while palladium futures contract for December delivery declined 3.2 percent or $19.35 to $585.80 per ounce.

About


Comments are closed.

Most Popular Content

Currency Articles - May 22, 2019 15:21 - 0 Comments

The Pound is in Freefall – When Will It Stop?

More In Currency Articles


Gold and Oil News - Jan 20, 2020 12:34 - 0 Comments

Gold Prices Holding Firm Above $1500

More In Gold and Oil News


Shares and Markets - May 13, 2019 11:15 - 0 Comments

FTSE Weaker in Q2 But Looking For Support

More In Shares and Markets