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.


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