NY - Comex Gold - futures came under attack - from a sell-off of fund long positions Friday at the New York Mercantile Exchange, leaving the yellow metal to drop to its lowest level in three weeks -
While the metal saw a support from a weaker dollar and firm oil prices at the open, that was soon reversed with a quick dash to a $616 an ounce three-week low amid fund long liquidation.
At the close, the contract was down $12.30 at $620.20 an ounce.
"Despite supportive factors, market participants are still happy to take profits as the sentiment remains cautious in the short term, which capped the market," said analysts at MKS Finance.
Gold was hit by a wave of selling with the price dropping $10 in minutes and slipping once again below the $625 level, traders said.
The moves of crude oil off its highs also weighed on the precious metals complex, a trader added.
During the session, one analyst noted that funds have moved out of the market and are less aggressive than they had been in previous months.
For the medium term, analysts at MKS Finance said the out look remains positive, underpinned by the ongoing Middle East tensions and high oil prices.
But they added that volatility will remain high as trading volumes are light in July and August due to the vacation period and industrial shutdowns
The clear direction in the short term still remains uncertain with Gold being for the moment bounded by cabals manipulations in the $615-$650 range -
For the silver market, its breach of the $11 an ounce mark was unsettling for the metal as it touched a low of $10.76 an ounce.
The benchmark September contract later settled at $10.845, down 22 cents on the day.
The platinum group metals followed suit with October platinum settling down $5.80 at $1,220.50 an ounce.
September palladium ended down 20 cents at $311.80 an ounce.
Gold & Silver will rise in the long term: It's not a question of if - it's a question of when -
The Israeli army mobilized thousands of reserve troops - and warned civilians in southern Lebanon to leave - the area immediately, media reports said Friday -
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