Gold prices stage modest fall

DUBAI — Gold prices ended yesterday on a quiet note after two days of consecutive succession. Silver prices remained unchanged on some listless trading. In the currency market segment, the Euro and pound recorded gains against the US dollar while Yen moved lower.

By (By a staff reporter)

Published: Sat 5 Aug 2006, 11:26 AM

Last updated: Sat 4 Apr 2015, 2:07 PM

DGCX October delivery gold futures contract began trading for the day $657.90/troy oz — 40 cents higher as compared to yesterday's closing levels. This incidentally remained the highest price for the day. Later, prices moved lower as weakness emerged to touch a session-low of $644.50/troy oz. The contract then bounced back towards the end of the session to settle at $651.10 — registering a loss of $6.40/troy ounce over its previous close. The open positions in the October contract ended the day at 476 — higher by 79 contracts. DGCX December maturity gold futures contract also traded lower by $7.20 to settle at $656.80/troy oz. DGCX September delivery silver contract ended the day flat at $12.150/troy oz.

On the DGCX currency market, the US dollar continued to weaken against the Euro and pound but gained by a small margin against the Yen. The September maturity Euro contract recorded a tiny gain of 0.05 per cent. It began trading at $1.2797/Euro and ticked higher to $1.2870/Euro before falling to a day-low of $1.2792/Euro.

The contract finally closed for the day at $1.2843/Euro. DGCX September maturity GBP contract continued to move higher for the fourth consecutive day. It appreciated 88 ticks or 0.47 per cent higher at an exchange price of $1.8878/GBP. The Yen contract for September expiry moved lower by 38 ticks during the day and ended the session at an exchange rate of $ 0.8742 for 100 Yen.

Crude oil futures for September delivery pulled back to settle 35 cents lower at $75.46 per barrel, after touching a high of $76.19 earlier in the session. The sentiments in the precious metals market remained subdued by lower crude prices and a falling dollar.

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