Decrease in precious metal prices due to the rise in the US currency and profit-taking
Capitals, January 8 / WAM / The main indices on Wall Street opened lower today, while shares of defense companies advanced. Oil prices rose while gold prices fell under pressure from the rise in the US currency and profit-taking operations.
The Dow Jones Industrial Average fell 145.9 points, or 0.30 percent, to 48,850.17 points. The Standard & Poor’s 500 index fell by 0.10
percent to 6,914.11 points, while the Nasdaq Composite Index fell 35.4 points, or 0.15 percent, to 23,548.884 points.
Oil prices rose as investors assessed geopolitical developments. Brent and Texas crude futures increased.
The US Energy Information Administration said yesterday that US stocks of gasoline and distillates increased more than expected.
As for gold prices, they declined as investors prepared to sell futures contracts as a result of the redistribution of the weights of component shares
Commodity index, while the rise in the dollar increased the pressures that increase the cost of the precious metal for holders of other currencies. Gold in spot transactions fell 0.6 percent to $4,427.48 per ounce by 0921 GMT. And it fell
US gold futures for February delivery also rose 0.6 percent to $4,435.40.
As for other precious metals, silver fell 3.1 percent in spot transactions to $75.73 per ounce, after recording the highest…
Its all-time high was $83.62 on December 29. Platinum fell in instant transactions by 4.2 percent to…
$2209.50 per ounce, and palladium fell 4.4 percent to $1687 per ounce.
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