Precious metals witnessed a steep correction on Monday as a firmer US dollar and weaker crude oil prices encouraged profit taking.
Dubai Gold and Commodities Exchange ( DGCX) December?07 delivery gold futures contract fell sharply by $8.80/troy oz or 1.18% while the near-term silver futures concluded with a loss of 21 cents/troy oz or 1.55%.
In the Forex market, the US dollar traded higher against its European counterparts and advanced against the Japanese Yen after the release of strong employment data on Friday. Conversely, the greenback lost ground against the Indian Rupee.
After ending the week in red, DGCX December 2007 delivery gold futures contract opened on Monday at $746.70/troy oz, showing a downward gap of 40 cents from its previous close. Subsequently, prices turned weaker and declined to an intraday low of $736.90/troy oz before recovering slightly to conclude the session at $738.30 thereby churning in a loss of $8.80 or 1.18%. Open interest in the December futures slumped by 532 contracts from its previous closing figure and ended the session at 3110. DGCX Gold futures for February 2008 delivery settled for the day at $744.20 - marking a loss of $8.80/troy oz or 1.17%. The DGCX December?07 silver futures contract ended lower at $13.350/troy oz, tallying a sizeable loss of 21 cents or 1.55%.
In the Forex market segment, DGCX Euro contract for December 2007 opened at $1.4157/Euro and settled at its lowest traded level for the day at $1.4060, registering a loss of 0.72%. Dec?07 dated DGCX GBP contract opened at $2.0388/GBP and dipped to a low of $2.0302 before settling for the day at $2.0313, recording a loss of 0.38%. DGCX Yen futures maturing in Dec?07 edged lower by 0.35% and settled at an exchange rate of $0.8594 for 100 Yen. The Indian Rupee futures for October? rose by a tiny margin of 0.08% and settled at $2.5276 for 100 rupees.
DGCX Fujairah Fuel Oil contract for October 2007 added $4 or 1.01% to its previous closing figure and concluded the session at $398.30/metric ton.
In the US energy markets, crude oil futures experienced a steep fall on Monday, pressured by a rising US dollar and demand concerns. November-expiring crude oil futures edged lower by $2.20 to close at $79.02 a barrel. Source
Dubai Gold and Commodities Exchange ( DGCX) December?07 delivery gold futures contract fell sharply by $8.80/troy oz or 1.18% while the near-term silver futures concluded with a loss of 21 cents/troy oz or 1.55%.
In the Forex market, the US dollar traded higher against its European counterparts and advanced against the Japanese Yen after the release of strong employment data on Friday. Conversely, the greenback lost ground against the Indian Rupee.
After ending the week in red, DGCX December 2007 delivery gold futures contract opened on Monday at $746.70/troy oz, showing a downward gap of 40 cents from its previous close. Subsequently, prices turned weaker and declined to an intraday low of $736.90/troy oz before recovering slightly to conclude the session at $738.30 thereby churning in a loss of $8.80 or 1.18%. Open interest in the December futures slumped by 532 contracts from its previous closing figure and ended the session at 3110. DGCX Gold futures for February 2008 delivery settled for the day at $744.20 - marking a loss of $8.80/troy oz or 1.17%. The DGCX December?07 silver futures contract ended lower at $13.350/troy oz, tallying a sizeable loss of 21 cents or 1.55%.
In the Forex market segment, DGCX Euro contract for December 2007 opened at $1.4157/Euro and settled at its lowest traded level for the day at $1.4060, registering a loss of 0.72%. Dec?07 dated DGCX GBP contract opened at $2.0388/GBP and dipped to a low of $2.0302 before settling for the day at $2.0313, recording a loss of 0.38%. DGCX Yen futures maturing in Dec?07 edged lower by 0.35% and settled at an exchange rate of $0.8594 for 100 Yen. The Indian Rupee futures for October? rose by a tiny margin of 0.08% and settled at $2.5276 for 100 rupees.
DGCX Fujairah Fuel Oil contract for October 2007 added $4 or 1.01% to its previous closing figure and concluded the session at $398.30/metric ton.
In the US energy markets, crude oil futures experienced a steep fall on Monday, pressured by a rising US dollar and demand concerns. November-expiring crude oil futures edged lower by $2.20 to close at $79.02 a barrel. Source
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