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Gold futures suffered a sharp decline Tuesday, dropping as much as $10 an ounce as traders eyed mixed movements in the U.S. dollar and a hefty retreat in oil prices.
Support better hold at $685 for gold, "or a reversal better take place before some nervous fingers pull the profit-taking trigger and give everyone else in the bull camp indigestion," said Jon Nadler, an analyst at co Bullion Dealers.
Gold for June delivery was last down $7.70 at $686.50 an ounce on the New York Mercantile Exchange following a low of $684.50.
On Monday, the gold contract closed down $1.60 an ounce.
The dollar tumbled against other currencies Tuesday after reports showed sales of U.S. existing homes saw the largest percentage decline in 18 years last month while consumer confidence dropped more than forecast in April.
Existing home sales plunged 8.4% in March to 6.12 million, the lowest in nearly four years, the National Association of Realtors reported Tuesday. It was the largest percentage decline in sales since January 1989.
Separatoldy, the Conference Board said the consumer confidence index fell to 104.0 in April from a revised 108.2 in March, against expectations for a decline to 104.9.
"Conditions are still leaning towards the overbought side of the trading equation," Nadler said in e-mailed comments. But "concerns remain elevated about U.S. economic conditions, plagued as they are by the sub prime crisis and several other pockets of weakness."
Elsewhere on the commodity markets, crude-oil futures dropped below the $65-a-barrel mark, retreating from a one-week high they saw earlier in the session as traders readied for Wednesday's data on U.S. petroleum supplies. The decline eased economic concerns about high energy prices.
Silver roll
Other metals prices traded lower along with gold. The May silver contract fell 1.9%, or 27 cents, to $13.78 an ounce.
"Precious metals are going to be data dependent this week with some market-moving reports out from the U.S. government," said Neal Ryan, director of economic research at Blanchard and Co., in a morning note.
"One thing to keep an eye on, however, are the trades just before the contract expiration for silver on Wednesday," he said. "Silver will roll forward to a new month contract that day and there could be some significant price activity before and after, as traders jockey for position into the front month contract."
On the supply side, gold warehouse stocks rose by 67,222 troy ounces to stand at 7.68 million troy ounces as of late Monday, according to Nymex data. Silver supplies rose by 71,126 troy ounces to 131.2 million troy ounces, while copper supplies fell to 35,064 short tons, down 123 short tons. |
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