Gold slid lower Thursday, ending a holiday-shortened week and marking the yellow metal’s third weekly loss. In contrast, U.S. stocks jumped to conclude a fifth straight week of gains. Oil rallied back above $50 a barrel.
In New York trading futures for bullion:
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Silver for May delivery lost a penny, or 0.1 percent, to $12.33 an ounce.
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Gold for June fell $2.60, or 0.3 percent, to $883.30 an ounce.
- April platinum gained $7.90, or 0.7 percent, to $1,195.30 an ounce.
"The resiliency of the stock market recently suggests that gold prices should continue to remain under pressure in the short term," Tom Pawlicki, a metals analyst at MF Global Ltd. in Chicago, was quoted on Bloomberg. "Gold prices will receive fundamental pressure from a lack of ETF inflows and from weak demand in key consumer India."
In spot bullion trading, the benchmark London gold-fixing price stood at $880.50 an ounce, or 50 cents higher than Wednesday. Silver climbed two cents to $12.30. Platinum gained $11.00 to $1,195.00
Gold, considered a hedge during times of high inflation and economic uncertainty, tends to follow oil and move opposite to the U.S. dollar. A rising greenback makes dollar-denominated commodities, like bullion, more expensive for holders of other world currencies.
Oil and gasoline prices
Crude-oil prices rallied in tandem with stocks. Oil soared $2.86, or 5.8 percent, to $52.24 a barrel. The price at the pump went up as well for consumers. AAA said the average prices for unleaded gasoline rose four-tenths of a penny to $2.051 a gallon. The price a week ago was $2.045.
U.S. Stocks
U.S. stocks surged forward. The Dow Jones industrial average rallied 246.27 points, or 3.14 percent, to 8,083.38. The S&P jumped 31.40 points, or 3.81 percent, to 856.56. The Nasdaq Composite rose 61.88 points, or 3.89 percent, to 1,652.54.
Markets are closed on Good Friday.
Check out additional market resources at Live Bullion Spots, the Silver Coin Melt Calculator, U.S. Mint Collector Bullion Price Guide, and the Inflation Calculator.
