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Commodities: Oil and gold weaken

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Date: Wednesday 09 Apr 2008

LONDON (ShareCast) - Oil and gold futures were driven lower Tuesday.

US light crude oil for May delivery fell 59 cents to settle at $108.50 a barrel on the New York Mercantile Exchange as profit takers moved in after oil’s recent rally.

However oil’s decline was capped by concern about Iran's announcement that it has started to install testing equipment at a uranium enrichment plant.

There are fears that tensions between the West and Iran, a key oil producing nation, could affect Middle East oil exports.

The UN has already placed sanctions on Iran relating to its nuclear programme.

Among precious metals COMEX gold for June delivery fell $8.30 to $918.50 an ounce. Gold lost momentum from the previous day’s rally as the dollar recovered some ground against major currencies Tuesday.

May silver futures slipped 41 cents to $17.71 an ounce and July platinum declined $17.30 to $2,029.60 an ounce.

June palladium was down 25 cents at $457.40 an ounce while May copper declined 9 cents to $3.89 a pound.