Gold futures ended sharply lower on Monday as the US dollar traded higher against major currencies and crude oil prices posted a steep decline, According to the markert pulse report on the Dubai Gold and Commodities Exchange (DGCX).
December delivery gold futures witnessed a substantial fall of $11.90 while the near-term silver futures suffered a huge setback of 27.50 cents/troy oz. In the Forex market, the greenback rallied against the British pound and the Indian Rupee and recovered from record low against the Euro as traders focussed on the fact that the Group of Seven summit of finance ministers and central bankers failed to explicitly address the US currency?s weakness. Meanwhile, it continued to weaken against the Japanese Yen.
Following a decline on Friday, DGCX December 2007 delivery gold futures contract opened on Monday at $766/troy oz, showing a huge downward gap of $3.20 from its previous close. Initially, the contract rose momentarily to a high of $766.30 only to plummet later to an intraday low of $749.50. Prices staged a recovery towards the end of the session and concluded at $757.30, logging in a significant loss of $11.90/troy oz 1.55%. Open interest in the December futures slumped by 661 contracts and ended the session at 2198. DGCX Gold futures for February 2008 delivery rounded up the session at $762.90/troy oz, recording a substantial loss of $11.60 or 1.55%. DGCX December?07 silver futures settled at $13.34/troy oz, posting a huge decline of 27.50 cents or 2.02%.
In the Forex market segment, DGCX Euro contract for December 2007 opened at $1.4324/Euro and thereafter climbed to touch a life-time high of $1.4350 before retreating to a low of $1.4145. The contract finally concluded the session at $1.4166, thereby tallying a loss of 0.99%. Dec?07 dated DGCX GBP contract opened at $2.0460/GBP and temporarily braced a record high of $2.05 before receding to a low of $2.0227. The contract finally settled at $2.0258, registering a loss of 1.04%. DGCX Yen futures maturing in Dec?07 appreciated by 0.56% and settled at an exchange rate of $0.8822 for 100 Yen. The Indian Rupee futures for November?07 declined by 0.22% and settled at $2.5049 for 100 rupees.
DGCX Fujairah Fuel Oil contract for October 2007 experienced a substantial fall of $6 or 1.39% from its previous close and concluded the session at $426.30/metric ton.
In the US energy markets, crude oil futures closed lower on Monday pressured by profit taking after last week?s record breaking advance in prices as well as by reports that Kurdish rebels in Turkey are about to announce a ceasefire. November-expiring crude oil futures declined by $1.04 to conclude the session at $87.56 a barrel. Source
December delivery gold futures witnessed a substantial fall of $11.90 while the near-term silver futures suffered a huge setback of 27.50 cents/troy oz. In the Forex market, the greenback rallied against the British pound and the Indian Rupee and recovered from record low against the Euro as traders focussed on the fact that the Group of Seven summit of finance ministers and central bankers failed to explicitly address the US currency?s weakness. Meanwhile, it continued to weaken against the Japanese Yen.
Following a decline on Friday, DGCX December 2007 delivery gold futures contract opened on Monday at $766/troy oz, showing a huge downward gap of $3.20 from its previous close. Initially, the contract rose momentarily to a high of $766.30 only to plummet later to an intraday low of $749.50. Prices staged a recovery towards the end of the session and concluded at $757.30, logging in a significant loss of $11.90/troy oz 1.55%. Open interest in the December futures slumped by 661 contracts and ended the session at 2198. DGCX Gold futures for February 2008 delivery rounded up the session at $762.90/troy oz, recording a substantial loss of $11.60 or 1.55%. DGCX December?07 silver futures settled at $13.34/troy oz, posting a huge decline of 27.50 cents or 2.02%.
In the Forex market segment, DGCX Euro contract for December 2007 opened at $1.4324/Euro and thereafter climbed to touch a life-time high of $1.4350 before retreating to a low of $1.4145. The contract finally concluded the session at $1.4166, thereby tallying a loss of 0.99%. Dec?07 dated DGCX GBP contract opened at $2.0460/GBP and temporarily braced a record high of $2.05 before receding to a low of $2.0227. The contract finally settled at $2.0258, registering a loss of 1.04%. DGCX Yen futures maturing in Dec?07 appreciated by 0.56% and settled at an exchange rate of $0.8822 for 100 Yen. The Indian Rupee futures for November?07 declined by 0.22% and settled at $2.5049 for 100 rupees.
DGCX Fujairah Fuel Oil contract for October 2007 experienced a substantial fall of $6 or 1.39% from its previous close and concluded the session at $426.30/metric ton.
In the US energy markets, crude oil futures closed lower on Monday pressured by profit taking after last week?s record breaking advance in prices as well as by reports that Kurdish rebels in Turkey are about to announce a ceasefire. November-expiring crude oil futures declined by $1.04 to conclude the session at $87.56 a barrel. Source
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