Metals News
Gold Edges Lower After Hitting Record
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09:04AM
Mar 25,2011
Source:SMM

CHICAGO, Mar. 25 -- Gold futures on the COMEX Division of the New York Mercantile Exchange closed lower on Thursday, after hitting an all-time record of 1,448.6 dollars per ounce. In contrast, silver further climbed, settling at a fresh 31- year high in the day.

The most active gold contract for April delivery shed 3.1 dollars, or 0.2 percent, to 1,434.9 dollars per ounce.

A market analyst cited Thursday's drop as a temporary correction in its underlying bullish way, as some investors intended to take profits after rapid rise in gold prices.

The analyst added that the positive factors remained unchanged, including increasing turmoil in Libya and Middle East countries. Worries about Portugal now offer a fresh and strong support.

The Portuguese Parliament Wednesday rejected an austerity proposal from Prime Minister Jose Socrates, who shortly presented his resignation.

A trader noted that despite the wobble late Thursday, gold is well supported by fundamentals at least through the first half of the year.

However, silver for May delivery gained 17.7 U.S. cents, or 0.5 percent, to close at 37.375 dollars. April's platinum stayed unchanged at 1,760 dollars per ounce.

 

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