Gold prices slid further away from the $1,600-an-ounce level during Asian hours Wednesday

Gold prices slid further away from the $1,600-an-ounce level during Asian hours Wednesday, unable to get much support as buying interest was found wanting in thin year-end trade.

The February gold futures contract  fell $5.90, or 0.4%, to $1,589.60 an ounce in electronic trading. Prices fell $10.50 on the Comex division of the New York Mercantile Exchange overnight to stretch their losing streak to a fourth-straight session.

At the current level, gold futures have already skidded more than 9% just this month, squeezing year-to-date gains for the precious metal to under 12%.

The U.S. dollar inched up a little against major currencies, with the ICE dollar index trading at 79.801 versus 79.792 in late North American trade Tuesday.

Other precious metals weakened as well, with the March contract for silver dropping 0.2% to $28.69 an ounce, and that for palladium  slipping 0.4% to 664.10 an ounce.

April futures for platinum  declined 0.4% to $1,431.90 an ounce, while March copper futures , meanwhile, inched up 0.6% to $3.43 a pound. – MarketWatch

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Posted by admin on Dec 28 2011. 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