COMEX Gold futures prices dropped more than $2 lower
COMEX Gold futures prices dropped more than $2 lower from a seven-month high yesterday amid regaining U.S. dollar and traders? attention to crude oil prices.
December gold futures delivery closed at $427.60 an ounce on the NYMEX, down $2.30 for the session. It closed near $430 on Monday, the highest level since April 1, after gaining more than $12 an ounce in four of the last five sessions.
he dollar recovered slightly on Tuesday but lingered at multimonth lows. The dollar is still set for further losses ahead of the November Presidential elections, said James Moore, an analyst at TheBullionDesk.com in London, so "any moves lower (in gold) will be purely price correction as part of a general uptrend."
Silver futures for December delivery fell back by 4 cents to close at $7.34 an ounce.
December copper rose 0.5 cent to end the day at $1.2815 a pound. The January platinum contract fell $8.10 to close at $844.90 an ounce, and December palladium closed at $215.10 an ounce, down $3.85.