Archive for October 27th, 2009
Will Gold Fall after Dollar Gained?
Gold slid on speculation that the dollar will extend a rally, eroding appeal of the precious metal as an inflation hedge. The greenback advanced for a fourth straight session against a basket of six major currencies. Gold futures often move inversely to the U.S. currency.
Gold doesn’t have much buying interest. Expectations of a drop in a futures signal that a growing proportion of market players consider the current gold price as unsustainable. This concern can put gold under considerable pressure.
December futures for gold delivery slid $4.90 (0.5 percent) to $1,037.90 per ounce by 10:56 on the Comex division of the New York Mercantile Exchange, ending a four-session decline, the longest fall since the period ended August 10th.
Commodity Prices — October 27th 2009
Latest commodity prices (ICE, NYMEX, CME) as of 17:11 GMT:
Oil (Brent) — $77.37
Gold — $1,036.61
Silver — $16.65
Palladium — $326.00
Platinum — $1,318.90
Copper — $6,580.00
Aluminum — $1,983.00
Nickel — $18,545.00
Zinc — $2,300.00
Cocoa — $3,347.00
Sugar — $22.68
Corn — $372.50
Soybean — $38.15
