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Gold drops for fourth session in a row

English.news.cn   2014-05-10 05:03:21

CHICAGO, May 9 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange kept falling Friday on positive comments on U.S. economy from Federal Reserve Chair Janet Yellen.

The most active gold contract for June fell 0.1 U.S. dollar, or 0.01 percent, to settle at 1287.6 dollars per ounce.

Gold lost roughly 1.2 percent in the week, the first weekly loss in the past three weeks.

Investors are balancing between the pressure on gold of Federal Reserve Chair Yellen's upbeat comments on U.S. economy and the support for gold from the Ukraine conflict. It seems the pressure has dominated the market at present. Richard Fisher, president of the Dallas Federal Reserve Bank, said Friday he supports the central bank ending its bond-buying program in October.

Market analysts believe except the ongoing Ukraine conflict, gold has been unable to find much support at present.

Silver for July delivery lost 1.7 cents, or 0.09 percent, to close at 19.121 dollars per ounce. Platinum for July delivery dropped 8.2 dollars, or 0.57 percent, to close at 1429.9 dollars per ounce.

Editor: Mu Xuequan
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