Gold News & Info

Source: Marketwatch

New York— Gold and copper finished mildly lower for a second day Tuesday as the U.S. dollar rose against the euro and amid concern that demand would slacken in China, the globe's biggest consumer of the industrial metal. Copper futures for May delivery fell 0.01% to $3.41 a pound on the New York Mercantile Exchange's Comex unit. Prices of the metal have surged more than 100% in the past year, while U.S. equities have advanced about 68% since the bottom of the bear market on March 9, 2009. Gold also declined for a second day, with the most-actively traded April contract off $1.7, or 0.2%, to $1,122.3 an ounce. The nearby March contract ended down $1.60, or 0.1%, at $1,122 an ounce on the Comex division of Nymex.

The recent strengthening of the dollar "as well as general profit-taking from a large run-up seem to be the first lines hitting gold," said Zachary Oxman, managing director at TrendMax Futures. Also, there seems to be a fear trade in the market, which may be weighing on gold, Oxman said in emailed comments. He expects the recent bout of selling to be short-lived. "I'd use these dips to accumulate a long-side trade," Oxman said. See full story.