Gold futures fell from a six-week closing high, silver slipped 0.1%

Gold futures fell from a six-week closing high during Asian trading hours Tuesday, weighed by the dollar’s strength and a lack of buying support from Chinese markets, which remained closed for the Lunar New Year holidays.

Gold futures for delivery in February dropped $5.50, or 0.3%, to $1,672.80 an ounce.

The front-month contract rose $14.30 on the Comex division of the New York Mercantile Exchange on Monday for its highest finish since Dec. 9, getting a lift from inflationary expectations as crude-oil prices rose on geopolitical tensions related to the European Union’s oil embargo on Iran.

The U.S. dollar  advanced against the euro, broadly pressuring dollar-denominated commodities, including gold.

Among other metals, March futures for silver   slipped 0.1% to $32.25 an ounce, and those for copper traded flat at $3.80 a pound.

April platinum futures  fell 0.4% to $1,555 an ounce, while palladium for March delivery gave up 0.5% to $685.25. – MarketWatch

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Posted by admin on Jan 24 2012. Filed under Gold price. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry