Gold Futures Fall as Participants Book Profits
Thin trading conditions and profit-taking pressure gold futures prices on the Comex division of the New York Mercantile Exchange, despite a strong run in the previous days. Gold settled at $879.50 an ounce, a decline of $4.80 from the previous session. Meanwhile, silver prices rose due to short covering and a few traders' belief that the metal has some catching up to do with gold prices. Platinum group metals futures also rose in light activity.
Key Takeaways:
- Gold futures prices fell by $4.80 to settle at $879.50 an ounce on the Comex division of the New York Mercantile Exchange.
- The decline was attributed to "minor pre-weekend profit-taking" by participants, according to George Gero, vice president with RBC Capital Markets Global Futures.
- Silver prices rose 19.5 cents to settle at $11.49 an ounce, driven by short covering and a few traders' belief that the metal has some catching up to do with gold prices.
- Platinum group metals futures, including April platinum and March palladium, rose in light activity, with April platinum settling at $946.70 an ounce and March palladium at $192.30 an ounce.
Statistics:
- Gold futures prices declined by $4.80 to settle at $879.50 an ounce.
- Silver prices rose by 19.5 cents to settle at $11.49 an ounce.
- April platinum prices rose by $5.20 to settle at $946.70 an ounce.
- March palladium prices gained by $3.60 to settle at $192.30 an ounce.
Sources:
- Dow Jones Commodities News via Comtex, January 2, 2009
- Dow Jones Newswires, Matt Whittaker, 201-938-5959, matt.whittaker@dowjones.com, January 2, 2009
- RBC Capital Markets Global Futures, George Gero, vice president
- HSBC, Jim Steel, senior vice president and metals analyst
- Comex division of the New York Mercantile Exchange
- Nymex, April platinum and March palladium prices