FINANCIAL MARKETS : COMMODITIES : Gold Futures Prices Continue to Decline
From Times Wire Services
Prices of gold futures fell moderately on New York’s Commodity Exchange, extending a slide spurred by rising interest rates on the government bonds that compete with stocks, precious metals and other investments.
On other commodity markets, grains, soybeans, oil futures, livestock and meat futures were mixed.
Gold futures settled $2.60 to $2.70 lower, with the contract for delivery in May at $368.40 an ounce.
Silver futures were 1.5 cents higher across the board, with May at $4.932 an ounce.
Gold prices have fallen about $30 an ounce since mid-March, including a drop of more than $10 in the past week, as interest rates on 30-year U.S. Treasury bonds have climbed above 9% to their highest levels in nearly a year.
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