(MENAFN- ProactiveInvestors) Gold futures slid in thinly-traded holiday action today as strong U.S. growth data pushed the greenback higher and made dollar-denominated commodities more expensive for foreign buyers.
Gold for February delivery declined 0.2 percent to settle at $1178.00 an ounce on the Comex division of the New York Mercantile Exchange. For the week gold is down 1.5 percent.
Gross domestic product grew at a 5 percent annual rate from July through September the biggest increase since 2003 revised figures from the Commerce Department showed today.
In other metals trading March silver rose 0.5 percent to settle at $15.87 an ounce.
March palladium fell 0.1 percent to finish at $814.05 an ounce and high grade copper for the same month dropped less a penny to just under $2.87 a pound.
January platinum increased 0.8 percent to settle at $1.191.70 an ounce.
In energy trading crude-oil futures rose getting an extra lift from strong U.S. economic growth and after some Arab members of the Organization of the Petroleum Exporting Countries said they see a rebound to $70 to $80 a barrel next year.
On the New York Mercantile Exchange West Texas Intermediate futures for delivery in February settled up 3.4 percent at $57.12 a barrel. The contract hit a settlement low of $54.36 last Thursday.
February Brent crude on London’s ICE Futures exchange was up 0.5 percent at $61.97 a barrel.
Reuters today cited Arab OPEC producers as saying they expect global oil prices to rebound to between $70 and $80 a barrel by the end of next year underpinned by a global economic recovery.
Oil prices have fallen about 45 percent since June.
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