Gold Price Loses Ground After Topping $US1,700

By Glenn Dyer | More Articles by Glenn Dyer

Gold joined iron ore and oil on the downward slope on Tuesday after the brief rise above $US1,700 an ounce.

Comex June gold fell by $US10.20, or 0.6%, to settle at $US1,683.70 an ounce after trading as high as $US1,742.60.

It had risen 2.9% to settle at $US1,693.90 an ounce on Monday.

A weaker US dollar should have helped, but didn’t. That saw the Aussie dollar nudge 62 US cents.

Iron ore prices eased 57 US cents to $US82.73 a tonne for 62% Fe fines delivered to northern China.

Silver and copper though rose as the weaker greenback boosted prices.

Comex silver for May delivery jumped 31.1 cents, or nearly 2.1%, to $US15.48 an ounce, following Monday’s 4.7% surge.

And Comex May copper settled at $2.2725 a pound, up 2.5%.

Glenn Dyer

About Glenn Dyer

Glenn Dyer has been a finance journalist and TV producer for more than 40 years. He has worked at Maxwell Newton Publications, Queensland Newspapers, AAP, The Australian Financial Review, The Nine Network and Crikey.

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