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Gold Declines On Profit-taking
[2009-02-04 14:55:03]
| Despite of the weak dollar, gold futures on the COMEX Division of the New York Mercantile Exchange dropped below 900 U.S. dollars per ounce Tuesday due to investors' taking profit continuously from the recent 6-month high. Silver and platinum also fell.
Gold price for April delivery lost 14.70 U.S. dollars, or 1.6 percent, to 892.50 dollars an ounce.
March silver closed at 12.30 dollars per ounce, down 11.5 cents. April platinum dropped 15.60 dollars to 963.50 dollars per ounce. The dim economic data released Tuesday indicated the world's economy is getting worse, which will decrease gold consumption demand further. Investors opted to take profit when the precious metal's price climbed to a half year high, analysts said. April gold ended at 928.40 dollars an ounce last Friday, the highest closing price in six months. And during the past 11 trading days, this contract has gained about 120 dollars, or 15 percent, creating enough profit space for investors to take. Dollar dipped below 1.30 dollars versus Euro, but this didn't give gold much support to stand above 900 dollars. |
| Source:Xinhuanet |
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