Platinum, Gold Retreat; Dollar Falls
Platinum and gold prices Tuesday lost almost half of the gains that they made in Monday’s rally. The dollar fell against all major foreign currencies except the Canadian dollar.
The precious metals prices retreated as the unrest in South Africa continued but didn’t escalate dramatically.
Foreign exchange dealers said the dollar fell in quiet to moderate trading due to anxiety over Mexico’s debts and expectations that U.S. economic indicators due later this week will show a fall in activity.
Platinum for current delivery fell $10.40 to $435.30 an ounce on the New York Mercantile Exchange.
Gold was quoted at $347.50 an ounce at 4 p.m., down $3.50 from Monday’s late bid.