Gold News & Info

Source:Marketwatch

New York— Gold ended lower on Wednesday and platinum and palladium plummeted as commodities felt the pinch of a retreat in risk appetite amid selling pressure in stocks and energy products. Gold for June delivery lost $21.50, or 1.8%, to $1,193.10 an ounce on the Comex division of the New York Mercantile Exchange. Platinum and palladium settled 5% and 9.3% lower, respectively. "Nobody wants to be in metals today," said Adam Klopfenstein, a senior market strategist at Lind-Waldock in Chicago. "It's the reversal of the trend we had just a couple of weeks ago of fast money chasing gold." Gold is holding on better than other metals on some buying spurred by currency concerns, but "it's a tough day," he said.

Metals also suffered from a slide in U.S. stocks and oil prices, although oil at times traded in the black. The session was clouded by Germany's temporary ban on the naked short-selling of several derivatives and instruments. "The market has been overbought and now we're seeing a little bit of liquidation pressure," added Stephen Platt, an analyst with Archer Financial Services in Chicago. "Investors are cautious and rightly so given the prices we're in," Platt said. See full story.