Gold falls as dollar advances

08:29, March 10, 2010      

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Gold futures on the COMEX Division of the New York Mercantile Exchange closed lower on Tuesday as dollar rose against the euro and British pound. Platinum ended lower, but silver gained.

The most active gold contract for April delivery dropped 1.70 U. S. dollars, or 0.2 percent, to finish at 1,122.30 dollars per ounce.

As Credit ratings agencies like Fitch Ratings and Moody's Investors Service sounded warnings on Europe, the dollar rose on Tuesday against the euro and the British pound. The good performance of dollar usually reduces gold's appeal of hedge as investors purchase the precious metal as assets against a weak dollar.

Fitch Ratings indicated a sovereign default in one of the 16 nations that use the euro was still possible. Meanwhile, Moody's Investors Service said British banks could be downgraded as the U. K. reels in public support, while Fitch said the British government's plan to reduce its deficits is "slow."

May silver rose 6.6 cents to 17.338 dollars per ounce. April platinum was down 3.20 dollars to 1,596.9 dollars an ounce.

Source:Xinhua
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