COMEX gold futures dragged $12 lower by crude oil

摘要

COMEX gold futures saw a modest selloff in quietnMonday trading, with market analysts attributingnthe small selloff to pressure from other marketsnsuch as crude oil. Gold for April delivery, the activenmonth, fell $11.70 to $1,699.80/oz. May silvernfell 80 cents to settle at $33.41/oz. A trader toldnPlatts that a dip in crude oil futures, as well asna retreat in the euro Monday against the US dollarnmay have spurred the decline in gold prices.nHowever, he added that trading was relativelyncalm Monday with no powerful market drivers.n“It was really quiet today,” he told Platts, withngold trading largely rangebound. “I’m not surenthere was a defining reason why gold prices wentnlower.” However, he cited Monday’s fall in crudenoil futures as a possible factor. “Crude oil pricesnmay be dragging on gold a little bit,” he said. AprilnNYMEX crude slid $1.13 to $106.27/b Monday.nAlso, the trader added, the euro retreated againstnthe US dollar, based on developments on Greece’sndebt restructuring deal. “Greek bonds are tradingnat really high interest rates and that may havenweighed on the euro,” he said. That in turn liftednthe dollar and weighed on gold prices, he said.nThe euro was trading at $1.3151 against the dollarnMonday from the $1.32 level last week.