(MENAFN- ProactiveInvestors) Gold futures extended losses for a fourth consecutive day to settle below $1200 an ounce as strength in the U.S. dollar against the euro dulled demand for the dollar-denominated metal.
The euro declined in the wake of details on European Central Bank’s bond-buying program. Investors also looked to data on the U.S. job market due tomorrow.
At a news conference ECB President Mario Draghi said the central bank wouldn’t buy bonds with yields lower than the central bank’s deposit rate of negative 0.2 percent.
Gold for April delivery fell 0.4 percent to finish at $1196.20 an ounce on Comex after hitting a high of $1208.90. The settlement was the lowest for a most-active contract since January 2.
In other metals trading May silver settled flat at $16.158 an ounce after a session high of $16.355. April platinum declined by $1.60 to end at $1180.10 an ounce while June palladium lost $5.60 to $825.05 an ounce. May copper fell less than a penny to $2.653 a pound.
In energy trading West Texas Intermediate crude-oil futures settled lower today giving up most of their gain from a 2 percent rally a day earlier.
Meanwhile production worries in Libya provided support to Brent crude which was little changed.
On the New York Mercantile Exchange West Texas Intermediate for delivery in April settled down 1.5 percent to $50.76 a barrel.
Brent crude for April delivery on London’s ICE Futures exchange settled down 0.1 percent to $60.48 a barrel.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.