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Gold, silver fall on strong economic signals

  • Article by: The Associated Press
  • Associated Press
  • September 4, 2013 - 4:35 PM

Surging auto sales and the diminishing likelihood of an immediate U.S. strike on Syria pushed down precious metals prices Wednesday.

Energy prices also fell as traders anticipated no short-term disruptions to the flow of oil from the Middle East.

Gold for December delivery fell $22, or 2 percent, to $1,390 an ounce. Silver dropped $1.013, or 4 percent, to $23.369 an ounce.

Other metals also fell.

December copper fell 6.354 cent, or 2 percent, to $3.2410 a pound. October platinum fell $43.50, or 3 percent, to $1,494.70 an ounce and December palladium fell $19.70, or 3 percent, to $698.25 an ounce.

Energy prices also fell as traders anticipated that any strike on Syria wouldn't happen soon.

Crude oil for October delivery fell $1.31 to $107.23 a barrel in New York.

Russian President Vladimir Putin warned the West Wednesday against taking one-sided action in Syria. However, he didn't rule out supporting a U.N. resolution on strikes if it is proved that Damascus used poison gas on its own people.

In Washington, a Senate committee approved the use of force against Syria but the full Senate won't vote on the measure until next week.

In other energy trading, wholesale gasoline was flat at $2.86 per gallon, heating oil fell 1 cent to $3.14 per gallon and natural gas rose 2 cents to $3.68 per 1,000 cubic feet.

November soybeans fell 34.25 cents, or 2.5 percent, to $13.525 a bushel. December corn fell 5.75 cent, or 1.2 percent, to $4.695 a bushel and December wheat edged down a penny to $6.4625 a bushel.

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