Gold Price Extends Early Losses As Upbeat US Data Boosts Dollar

New York (Nov 30)  Gold prices are trading solidly lower and are close to last week's 10-month low in late morning dealings Wednesday. Some upbeat U.S. economic data released today has pushed the U.S. dollar index higher, which has in turn helped to pressure the gold market. A rally in the U.S. stock market is also a negative for the safe-haven yellow metal. Sharp gains in the crude oil market after reports of an OPEC oil-production-cut agreement have done little to help the gold bulls today. February Comex gold futures were last down $13.30 an ounce at $1,177.60.

Spot platinum also hammered down $11 to $907. However, spot palladium edge upward $3 to $768.

Source: KitcoNews