Gold News & Info

Source: Marketwatch

New York— Gold futures ended sharply lower, as the rallying U.S. dollar and falling oil prices put heavy selling pressure on the precious metal. Gold for June delivery dropped $19.60 to end at $889.40 an ounce on the New York Mercantile Exchange. On Wednesday, gold fell $16.20 to end at $909 an ounce.

The dollar extended gains on its major counterparts Thursday, after less hawkish comments from European Central Bank officials. ECB President Jean-Claude Trichet said Thursday that he's concerned about recent sharp fluctuations in exchange rates. "We're concerned about the possible implications for financial and macroeconomic stability," Trichet told reporters, according to Dow Jones Newswires. He added that it's "very important" that U.S. authorities have said a strong dollar is in the country's own interest. The dollar index, which measures the U.S. currency against a basket of major currencies, rallied 1.2% to 72.65. See full story.