Metals Stocks: Gold falls 1% as stocks, oil dump sharply


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By Claudia Assis
, MarketWatch

SAN FRANCISCO (MarketWatch) — Gold futures fell Tuesday, stumbling 1% as equities and oil sole off, slicing down on investors’ ardour for changed metals.

Gold for Jun smoothness
/quotes/comstock/21e!f:gcm11
(GCM11
1,451,
-17.60,
-1.20%)


 declined $15.90, or 1.1%, to $1,452.40 an section on a Comex multiplication of a New York Mercantile Exchange. It had traded as low as $1,445 an ounce.

Japan predicament during Chernobyl level

Japanese officials lifted their nuclear-crisis turn to that of Chernobyl. Yumiko Ono reports.

The steel pared a waste in early building trading, though a try during a quip evaporated as waste mounted for oil and U.S. equities

“The pullback in oil has helped criticise changed metals,” pronounced Jim Steel, a line researcher with HSBC in New York.

The pointy dump for oil pale acceleration concerns, he added. In addition, several economists have slashed their forecasts for U.S. growth, that diminishes ardour for line as a whole, Steel said.

Crude futures stumbled some-more than 3% Tuesday after diseased trade information led to a unreasonable of desperate views on U.S. mercantile expansion and renewed doubts about oil demand.

In addition, profit-taking that began on Monday also strike gold. The steel reached a fibre of record highs final week as a dollar tanked. Gold’s improvement is expected to continue in a brief term, analysts during Commerzbank pronounced in a note to clients.

“The medium- to long-term certain opinion is still intact, generally for gold,” they added. “Gold should sojourn in direct as a protected breakwater in any box and a cost should be good supported. Speculators and valuables traders are expected to see reduce prices as an appealing shopping opportunity.”

Silver retreated from a 31-year high on a prior session. The May agreement
/quotes/comstock/21e!f1:sik11
(SIK11
3,984,
-77.20,
-1.90%)


 slipped 70 cents, or 1.8%, to $39.89 an ounce.

Modest debility in a dollar took out some of a sting. The dollar index
/quotes/comstock/11j!i:dxy0
(DXY
74.86,
-0.20,
-0.26%)


, that compares a U.S. section to a basket of 6 currencies, traded during 74.974, compared with 74.989 in late North American trade Monday.

A weaker dollar is profitable for line as it creates them reduction costly to holders of other currencies and broadens their investment appeal.

U.S. bonds fell after Alcoa Inc.
/quotes/comstock/13*!aa/quotes/nls/aa
(AA
16.62,
-1.15,
-6.47%)


, a member of a Dow Jones Industrial Average
/quotes/comstock/10w!i:dji/delayed
(DJIA
12,266,
-115.19,
-0.93%)


, reported unsatisfactory first-quarter revenue, casting an early cover over gain season.

Meanwhile, Japanese authorities lifted their comment of a country’s chief predicament to 7, a same turn as a 1986 Chernobyl disaster and a top on an general nuclear-disaster scale.

They added, however, that deviation leaking from a crippled Fukushima Daiichi plant is usually 10% of that expelled in Chernobyl.

Read some-more about Japan’s nuclear-crisis upgrade.


/quotes/comstock/21e!f:gcm11

Gold – 100 Oz (Comex) (GCM11)



$
1,451


Change
-17.60
-1.20%
Volume
155,561
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/quotes/comstock/21e!f1:sik11

SILVER 5000 MAY1 (SIK11)



3,984
¢


Change
-77.20
-1.90%
Volume
96,721
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US Dollar Index Future… (DXY)




74.86


Change
-0.20
-0.26%
Volume
0.00
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/quotes/comstock/13*!aa/quotes/nls/aa

Alcoa Inc (AA)



$
16.62


Change
-1.15
-6.47%
Volume
52.82m
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AA



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/quotes/comstock/10w!i:dji/delayed

Dow Jones Industrial Average (DJIA)




12,266


Change
-115.19
-0.93%
Volume
62.55m
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Claudia Assis is a San Francisco-based contributor for MarketWatch.



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