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%.

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.

View more articles by Glenn Dyer →