Second session in a row gold futures closed lower after oil futures plunge
Second session in a row gold futures closed lower after oil futures plunge and recent slight recover of the dollar. Now the analysts expect precious metals prices to low.
In this respect, gold for December delivery closed at $425.60 an ounce on the New York Mercantile Exchange?s COMEX division, down $2 for the session. Earlier, it reached $430.10.
"The levels of profit taking seen recently [suggest] gold needs to consolidate in order to maintain a steady move higher," with its price potentially easing back to $415 to $410 before advancing above the year's high of $432, said James Moore, analyst at TheBullionDesk.com in London.
Among other metals futures, December silver declined by 13.8 cents to close at $7.202 an ounce. December copper rose 0.65 cent to end at $1.288 a pound.
The January platinum contract fell $8.70 to close at $836.20 an ounce, and December palladium ended at $214.50 an ounce, down 60 cents.