Thursday, April 30, 2009

Gold falls on economic recovery hopes; copper rallies

Gold futures were recently down $16.30 at $884.20. Copper was up three cents or 1.55%.
From MarketWatch:
Gold futures fell Thursday, heading for their second monthly loss, as falling U.S. jobless claims and rising global stocks raised hopes for an economic recovery, reducing gold's investment appeal. Copper gained more than 2%.

U.S. stock futures moved higher, pacing gains in Asian and European markets, after the Federal Reserve said Wednesday the pace of economic contraction appears to be somewhat slower. First-time claims for state unemployment benefits fell to their lowest level since early April, the Labor Department reported Thursday.
Gold for June delivery lost $18.30, or 2%, to $882.20 an ounce in early North American electronic trading. The much less active May gold, the front-month contract, fell $17, or 1.9%, to $882.80.

Gold was "facing more headwinds on better stocks, less haven buyers," said George Gero, a precious-metals trader for RBC Capital Markets. However, "if there is a rally over $910, we could see a higher trading range.">>>MORE