Gold, Silver Prices Decline

A stronger U.S. dollar and a lack of news from international hot spots pushed gold and silver futures prices much lower Monday on the New York Commodity Exchange, traders said.

“It was just the opposite of last week,” said Marty McNeill, a metals analyst in New York with Dominick & Dominick.

Last week, there was a weaker dollar and renewed violence in South Africa and the Middle East as well as U.S.-Soviet tension over the fatal shooting of an Army major in East Germany.

A lot of traders who were buying gold last week saw no new developments over the weekend and sold those contracts Monday, analysts said.

“Things are quiet, but the markets are a little more volatile than they should be,” said Eric Brown, a metals trader in New York with Refco Commodities.

Volume was light as many traders were already taking off from the shorter trading week to begin their holidays early. European markets will be closed Thursday and Friday, and U.S. markets are shut down Friday because of the Easter weekend.

Crude oil and heating oil prices were sharply higher on the New York Merchantile Exchange.