(From GoldAlert.Com)
Source link:http://www.goldalert.com/2011/03/gold-futures-back-off-after-new-high
COMEX gold futures, per the April contract, reached a new all-time record high of $1,445.70 per ounce on Monday amid escalating turmoil in North Africa and the Middle East.
However, gold futures gave up the majority of their gains as the day progressed. Gold for April delivery on the COMEX settled higher by $5.90, or 0.4%, at $1,434.50 per ounce.
Silver followed a similar path, reaching a new 31-year high of $36.745 per ounce, before finishing at $35.865 on the COMEX. Oil did as well, hitting $106.95 this morning before closing with a more modest gain at $105.44 per barrel.
Other metals, however, posted steep declines alongside equities. Copper fell $0.16, or 3.6%, to a two-week low of $4.31 per pound. Platinum dropped $17.50, or 1.0%, to $1,820.40, while palladium tumbled $19.70, or 2.4%, to $790.10 per ounce.
