Gold down after another report shows weaker growth
NEW YORK (AP) — The price of gold fell more than $10 an ounce Tuesday after the International Monetary Fund cut its forecast for world economic growth. The prices of silver and platinum also declined.
The IMF said the world's advanced economies are at risk of recession. It cut its forecast for global growth this year to 3.3 percent from a forecast of 3.5 percent issued in July.
Gold for December delivery fell $10.70 an ounce to close at $1,765. December silver fell 3.2 cents per ounce to $33.985, and January platinum lost $3.50 to close at $1,695.30 per ounce. Investors bought more stable assets like the dollar.
December copper was unchanged at $3.718 per pound. Palladium for December delivery gained $1.25 per ounce to $658.20.
Most energy contracts rose because of supply concerns in the Middle Eat and the North Sea.
Analysts said some North Sea oil rigs have been slow to resume production after maintenance. There is also concern that tension between Turkey and Syria could escalate. The Middle East and North Africa account for a third of global oil production.
Benchmark crude gained $3.06, or 3.4 percent, to finish at $92.39 a barrel in New York. In London, Brent crude, which is used to price international varieties of oil, rose $2.68, or 2.4 percent, to end at $114.50.
Heating oil rose 5.89 cents to $3.2032 per gallon, and wholesale gasoline climbed 6.56 cents to $2.9587 per gallon. Natural gas rose 6.4 cents to $3.467 per 1,000 cubic feet.
Key agricultural contracts were mixed. December wheat rose 3.25 cents to $8.6425 per bushel, December corn was unchanged at $7.42 per bushel, and December soybeans lost 1 cent to $15.50 per bushel.