Gold futures closed lower for the third straight day on Thursday due to the U.S. economy's recession concerns. Silver and platinum also went down.
Gold futures for December delivery fell 13.30 dollars, or 1.9 percent, to 705 dollars an ounce. December silver dropped 68 cents to 8.80 dollars per ounce. January platinum dropped 12.10 dollars, settled on 813 dollars per ounce.
With the outlook for the U.S. economy apparently deteriorating further, the gold market continued to keep a tight positive correlation with the U.S. stock market.
In the early hours of the trading session, the Dow index plunged under 8,000 points which forced the prices of gold to slump down as low as 698.20 dollars, which is the first time below700 dollars since Oct. 23. With the stocks rallied sharply in late hours, gold prices rebounded quickly and closed at 705 dollars finally.
Crude oil also turned higher on Thursday and moved off of a 22-month low. Light sweet crude oil delivered in December in New York Mercantile Exchange closed at 58.24 dollars, up 2.08 dollars on the session.
Source: Xinhua
|
Comment
Tell A Friend
Print Format
Save Article