Precious Metals Futures Fall

Precious metals futures prices were sharply lower Thursday on the Commodity Exchange in New York.

Gold prices have been under pressure in recent months from the general weakness of commodity prices, said Steve Chronowitz, director of commodity research in New York with Smith Barney, Harris Upham & Co.

Steve Platt, senior metals analyst in Chicago with Heinold Commodities, added that the strength of the dollar encouraged selling in the precious metals market.

While the decline Thursday was one of the largest of recent months, Chronowitz noted that gold prices have remained in a range of about $18, between $308 and $326, for well over three months.

Elsewhere, grain and soybean futures prices were mixed at the close of trading on the Chicago Board of Trade.

Victor Lespinasse, a grain analyst with Dean Witter Reynolds said the corn and soybean crops are mostly in excellent condition and rains overnight in much of the Corn Belt were beneficial.

Wheat settled unchanged to 4 cents lower, and oil futures prices were mixed on the New York Mercantile Exchange.