PRECIOUS METAL

Gold futures dropped sharply on Thursday, sliding further after their worst one-day drop in nearly two years, as a broad sell-off in commodities such as crude oil continued, spurred by dollar strength and further interest rate cuts.

Commodity Online MUMBAI: The dream run by the precious metal along with silver seems to have ended at least for the time being as both suffered losses at the bullion market here on Tuesday.

Gold futures spiked to a new record of $1,009 an ounce in New York on Friday, as investors turned to the safe haven after news of a bailout from troubled investment bank Bear Stearns while the plunging demand increased demand for the precious metal.

Gold futures closed with strong gains, after briefly soaring to a new record just below $1,000 an ounce after the dollar tumbled lower and crude oil continued to rally, boosting the metal's appeal as hedge against inflation.

Gold futures surged on Thursday, nearing a record high of $970 an ounce causing the dollar to continue its fall against the euro and boosted the precious metal's appeal as an inflation hedge.

Gold edged higher on Tuesday, continuing its rally as crude oil prices rose, the U.S. dollar weakened and a report showed rising U.S. producer prices.

Gold and silver futures rose after a report showed U.S. producer prices rose more than expected last month, increasing the appeal of the precious metals as a hedge against inflation.

Gold futures fell sharply on Monday, the most in almost two weeks after the U.S. said it supports limited sales of gold reserves held by the International Monetary Fund.

Gold futures edged lower in New York on Friday, consolidating below the$ 950 mark after hitting a fresh record-high yesterday on increased inflation risks which boosted the precious metal's appeal as an inflation hedge.

Gold futures closed higher on Wednesday, reversing early losses, as the precious metal's appeal as an inflation hedge and a safe haven continued to attract investors.

Platinum soared to its 14th consecutive record high on Tuesday as investors continue to purchase the precious metal on persisting stockpile concerns from South Africa, the metals top producer.

Platinum surged over $2,100 an ounce for the first time, gaining more than 20 percent since late January after South Africa, the largest producing nation, continues to be hard hit by power cuts that forced mines to shut down operations. Gold remained steady.

Platinum continued its record high above $2,000 an ounce on Thursday after Impala Platinum Holdings Ltd., the second-biggest producer of the metal, reported a drop in output because of power cuts in South Africa. Palladium also gained.

Gold futures edged lower on Wednesday while platinum surged to a historic high above $2,000 an ounce on continuing concerns of lower output by South Africa, the world's largest platinum producer.

Gold futures closed with strong gains Friday, rising as the dollar traded lower against a basket of its major foreign-exchange counterparts. Platinum Gained.

Gold futures edged higher on Thursday, trading $912 an ounce, on speculation that central banks will mimic the U.S. by cut borrowing rates which boosted the appeal of the precious metal.

Gold futures dropped sharply to end below $900 an ounce Tuesday, the lowest in more than a week, as a surge in the U.S. dollar lowered investment demand for the precious metal. Silver also declined.

Platinum soared to a record high of $1,800 an ounce for the first time Monday as investors bet that a power shortage in top producing South Africa will tighten global supply for the precious metal. Gold traded 4 percent it record from last week.

Gold futures dived sharply on Friday, losing the most in two weeks, as the dollar rebounded against the euro and traders moved in to cash in on their gains. Silver fell from the highest it's been since 28 years.

Gold futures surged to its new record price on Thursday after earlier rallies on news of an interest rate cut, led by global supply and demand concerns.

Gold futures rose in after market trading on Wednesday after the Federal Reserve slashed its key interest rate by 50 basis points to 3 percent which boosted the precious metal's appeal as a safe haven for investment.