Gold, oil plunge in New York closing
Sunday, 14 November 2010
NEW YORK, Nov 13 (Commodity Online): Gold and oil plunged at weekend close Friday after the greenback strengthened amid a Chinese move to raise key rates.
Gold futures on the Comex Division of the New York Mercantile Exchange suffered a sharp drop, falling below $1,400.
The most active gold contract for December delivery shed $37.8, or 2.7 per cent, to $1,365.5 per ounce while light sweet crude for December, fell to $84.88 a barrel, down $2.93 from last Thursday's closing level.
December silver fell $1.463, or 5.3 per cent, to $25.942. Platinum also lost $61.2, or 3.5 per cent, to $1,684.6 per ounce.
The gold prices have gained 28 per cent so far this year and topped $1,400 per ounce last week and fluctuated around the mark.
Analysts said speculations are rife that China is likely to raise its benchmark interest for the second time to rein in inflation.
China's October's CPI, a major gauge of inflation, hiked 4.4 per cent from the same period of last year, triggering wide speculation that the central bank will lift the interest rate.
Meanwhile, London's Brent North Sea crude for December dropped $2.47 to $86.34.
Gold futures on the Comex Division of the New York Mercantile Exchange suffered a sharp drop, falling below $1,400.
The most active gold contract for December delivery shed $37.8, or 2.7 per cent, to $1,365.5 per ounce while light sweet crude for December, fell to $84.88 a barrel, down $2.93 from last Thursday's closing level.
December silver fell $1.463, or 5.3 per cent, to $25.942. Platinum also lost $61.2, or 3.5 per cent, to $1,684.6 per ounce.
The gold prices have gained 28 per cent so far this year and topped $1,400 per ounce last week and fluctuated around the mark.
Analysts said speculations are rife that China is likely to raise its benchmark interest for the second time to rein in inflation.
China's October's CPI, a major gauge of inflation, hiked 4.4 per cent from the same period of last year, triggering wide speculation that the central bank will lift the interest rate.
Meanwhile, London's Brent North Sea crude for December dropped $2.47 to $86.34.