Gold Drops Most in Five Weeks on Dollar: Commodities at CloseMoming Zhou
The Standard & Poor’s GSCI Spot Index of 24 raw materials fell 0.2 percent to settle at 651.87. The UBS Bloomberg CMCI gauge of 26 prices slid 0.7 percent to 1,525.268.
Gold tumbled the most in more than five weeks as physical demand ebbed and a stronger dollar trimmed demand for the precious metal as an alternative investment.
Gold futures for June delivery fell 1.6 percent to settle at $1,575.90 an ounce on the Comex in New York, the biggest decline since Feb. 20.
Silver futures for May delivery retreated 2.5 percent to $27.248 an ounce. The metal closed at $27.944 yesterday, a 20 percent drop from an Oct. 4 high, meeting the common definition of a bear market.
Platinum futures for July delivery dropped 1.5 percent to $1,574.20 an ounce, the biggest decline since Feb. 21.
West Texas Intermediate rose as U.S. equities surged after data showed U.S. factory orders exceeded forecasts, signaling increasing economic growth and fuel demand.
WTI crude oil for May delivery climbed 12 cents to settle at $97.19 a barrel on the New York Mercantile Exchange. The contract dropped as much as 1.2 percent to $95.91 today.
Brent oil for May settlement decreased 39 cents to end at
Gasoline slipped a third consecutive day as seasonal refinery turnarounds wind down and the fuel’s premium to crude oil weakened.
Gasoline for May delivery fell 6.07 cents, or 2 percent, to end at $3.0408 a gallon on the Nymex.
Copper futures for delivery in May rose 0.1 percent to close at $3.3785 a pound on the Comex.
In London, copper for delivery in three months dropped 1 percent to settle at $7,465 a metric ton ($3.39 a pound) on the
Wheat futures rebounded from the biggest two-session decline in 25 months on speculation that falling prices will boost demand for the grain.
Wheat for May delivery gained 1 percent to $6.7075 a bushel on the Chicago Board of Trade.
Soybean futures for May delivery advanced 0.2 percent to $13.94 a bushel.
Hog futures extended a rally to the highest price since July on speculation that consumers will boost purchases of cheaper U.S. pork as an alternative to costlier meats.
Hog futures for June settlement advanced 0.3 percent to close at 91.85 cents a pound on the Chicago Mercantile Exchange, after reaching 92.45 cents, the highest for a most-active contract since July 9. Prices are up 7.1 percent this year.
Cattle futures for June delivery slipped 1 percent to settle at $1.22825 a pound in Chicago, the biggest drop for the most-active contract since March 15. The commodity has declined 7.2 percent this year.
Feeder-cattle futures for May settlement retreated 0.4
Coffee futures fell the most in two weeks on signs of abundant global supplies. Sugar and cocoa dropped, while orange juice and cotton advanced.
Arabica-coffee futures for May delivery slumped 1.6 percent to settle at $1.3615 a pound on ICE Futures U.S. in New York.
Raw-sugar futures for May delivery fell 0.6 percent to 17.59 cents a pound on ICE.
Cocoa futures for May delivery dropped 0.6 percent to $2,171 a metric ton.
Cotton futures for May delivery advanced 1.7 percent to 88.87 cents a pound, the biggest gain since March 15.