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Monday, August 25, 2008
Gold extends losses as oil drops; dollar weak
Australia - SINGAPORE, Aug 25 - Gold fell further on Monday, losing some of its safe-haven appeal as the U.S. dollar rose against other currencies, while a weaker oil also prompted investors to ditch their bullion holdings.
-- Gold fell to $821.05/823.05 an ounce from $827.00/828.60 an ounce late in New York on Friday, when it slipped more than $5 an ounce.
-- Gold futures for December delivery on the COMEX division of the New York Mercantile Exchange lost $6.8 an ounce to $826.70.
-- Sterling hit a two-year low against the dollar on Monday, extending its losses from Friday when data showed Britain's economy unexpectedly stalled in the second quarter, suggesting a recession could be looming.
-- Crude oil prices fell more than 5.4 percent on Friday in the biggest one-day slide since 2004 as dealers turned their focus to rising supply levels and weakening global demand. -- Spot platinum was unchanged at $1,425.50/1,445.50 an ounce.
-- Spot palladium inched down to $283.00/291.00 an ounce from $285.00/293.00 an ounce.
-- Silver eased to $13.26/13.32 an ounce from $13.33/13.41 an ounce late in New York.
-- The most active Tokyo gold contract for June 2009 delivery on the Tokyo Commodity Exchange fell 17 yen per gram to 2,920 yen. Precious metals prices at 0017 GMT Metal Last Change Pct chg YTD pct chg Turnover Spot Gold 819.80 -2.30 -0.28 -1.55 Spot Silver 13.26 -0.06 -0.45 -10.22 Spot Platinum 1425.50 0.00 +0.00 -6.22 Spot Palladium 283.00 0.00 +0.00 -23.10 TOCOM Gold 2919.00 -18.00 -0.61 -4.61 3685 TOCOM Platinum 4987.00 -99.00 -1.95 -6.59 2050 TOCOM Silver 471.20 -11.10 -2.30 -12.90 46 TOCOM Palladium 1017.00 -20.00 -1.93 -24.72 41 Euro/Dollar 1.4740 Dollar/Yen 110.07 TOCOM prices in yen per gram, except TOCOM silver which is priced in yen per 10 grams. Spot prices in $ per ounce. (Reporting by Lewa Pardomuan; Editing by Anshuman Daga)
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