Gold, silver futures decline as stocks rally

Gold and silver futures decline as stocks rally broadly on sharp increase in US factory output

Associated Press

Gold and silver futures ended lower Monday as a rally in the stock market led investors to shy away from safe-haven assets.

The actively traded April contract for gold fell $6.10, or 0.4 percent, to $1,372.90 an ounce. Silver also fell. The May contract lost 14 cents to $21.28 an ounce.

Prices for precious metals, U.S. government bonds and other safe-play assets declined as the stock market surged Monday following news that factory output rose sharply last month.

That bolstered the growing view that a slowdown in the U.S. economy this winter was temporary and may pass once the extreme winter weather abates. The Standard & Poor's 500 index rose 1 percent and returned to positive territory for the year.

Other metals contracts ended mixed. Copper for May delivery edged up less than a penny to $2.95 a pound. April platinum fell $1.20 to $1,468.40 an ounce and June palladium rose $3.15 to $776.40 an ounce.

In agricultural products, wheat and corn futures fell and soybeans gained.

May wheat fell 13 cents to $6.75 a bushel and corn for delivery in the same month fell 7 cents to $4.78 a bushel. May soybeans rose 3 cents to $13.92 a bushel.

Energy contracts ended mixed.

Crude oil fell 81 cents to close at $98.08 a barrel in New York.

Natural gas rose 11 cents to $4.54 per 1,000 cubic feet as forecasts call for cooler-than-normal temperatures in the Northern parts of the U.S. through the end of March.

Wholesale gasoline fell 8 cents to $2.88 a gallon and heating oil dropped 5 cents to $2.89 a gallon.

View Comments (1)