Gold Finishes Lower as Greenback Rises (GG,ABX)
3/8/2010-Comex gold futures sold off Monday, erasing early morning gains, as investors' confidence in the US economy and aid to Greece faded, allowing the greenback to run and causing the precious metal to sell off.
The April delivery contract for Comex gold closed at $1124 per troy oz., down $11.20, or 1% on the NYMEX after having earlier risen to as high as $1138.
Last week, gold rose 1.5%, riding the coat tail of promising US economic data, which included February employment figures.
Earlier, the dollar slid against the euro following French President Nicolas Sarkozy's comments over the weekend that Greece's euro-zone neighbors were prepared to provide aid in order for the nation to avoid default.
As a result of the precious metal's finish, Goldcorp (NYSE: GG) is trading 0.2% lower to $40.29 and Barrick Gold (NYSE: ABX) is down 1.4% to $36.69.
Write to Chip Brian at cbrian@tradethetrend.com
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