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Gold slides below $1,300; oil ticks up 0.1%

Published: 15:26 21 Apr 2014 EDT

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Gold futures stretched their slump below the key $1,300-an-ounce level today as signs of an improving U.S. economy reduced the appeal of haven assets.

Gold for June delivery dropped 0.4 percent to finish at $1,288.50 an ounce on the Comex division of the New York Mercantile Exchange. That was the lowest settlement for a most-active contract since April 3. 

Orders for capital equipment such as computers and machinery probably climbed in March by the most in four months in the U.S., an April 24 report may show.

In other metals, May silver fell 1.3 percent to finish at $19.35 an ounce.

June palladium slipped 3.6 percent to close at $777.80 an ounce but, in part due to supply worries tied to Russia.

July platinum also surrendered 2 percent to $1,400.70 an ounce. 

High-grade copper for May delivery finished unchanged at $3.04 a pound.

In energy, oil prices edged up today to mark their highest settlement in seven weeks as continued uncertainty in Ukraine and U.S. economic reports that generally support a brighter outlook for energy demand lifted prices for a third-straight session.

Crude for May delivery ticked up 0.1 percent to end at $104.37 a barrel on the New York Mercantile Exchange. The settlement was the highest since March 3, according to FactSet data.

The U.S. and its European allies urged Russia to help calm the Ukraine crisis after four-party talks produced an accord aimed at easing the worst standoff with Russia’s government since the Cold War. 

Elsewhere in energy, May gasoline rose 1.1 percent to $3.09 a gallon and May heating oil ticked up under a half cent to $3.01 a gallon.

 

 

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