CHICAGO, March 23 (Bernama-Xinhua) — Gold futures on the COMEX division of the New York Mercantile Exchange fell on Friday as the US dollar strengthened, reported Xinhua.
The most active gold contract for April delivery went down US$24.70, or 1.13 per cent, to close at US$2,160.00 per ounce.
After this week’s gain with gold hitting a record high, short-term traders took profit, further dampening gold.
Technically, gold futures still have a solid overall near-term technical advantage but appear to have run out of gas for the near term. Market analysts hold that gold’s next upside price objective is above solid resistance at the record high of US$2,225.30, and the next near-term downside price objective is below solid technical support at US$2,149.20.
US gross domestic product report will be released on Thursday, along with inflation data on Friday.
Silver for May delivery fell 16.40 cents, or 0.66 per cent, to close at US$24.843 per ounce. Platinum for April delivery fell US$14.60, or 1.60 per cent, to close at US$898.40 per ounce.
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