Gold futures on the COMEX Division of the New York Mercantile Exchange fell on Monday as oil plummeted on demand worries and the U.S. dollar went up. Silver and platinum both finished lower.
Gold price for August delivery lost 6.70 U.S. dollars, or 0.7 percent, finishing at 924.30 dollars an ounce. Earlier in the session, it hit a 2-week low of 920.30 dollars per ounce.
Oil prices declined for the fifth session on Monday as investors worried that an extended recession could reduce demand for energy. The New York benchmark crude oil for August delivery plunged 2.68 dollars to settle at 64.05 dollars a barrel shortly after it touched 63.40 dollars, the lowest level in more than five weeks.
Since the end of last month, crude oil has lost nearly 10 percent, greatly easing investors' concerns on inflation. Gold's appeal of hedge was limited.
A strong dollar also pressured the yellow metal as the rate against euro climbed to as high as 1.3887 dollars in the overnight electronic session, more than 1 cent above the intraday low of 1.3997 dollars.
September silver finished at 13.238 dollars per ounce, down 17 cents. October platinum fell 46.30 dollars to 1,147 dollars an ounce.
Source:Xinhua
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