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Commodities: Prices weaken as dollar rallies

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Date: Friday 11 Apr 2008

LONDON (ShareCast) - A rally by the US dollar diminished the appeal of gold after yesterday’s strong upsurge in the price of the yellow metal, and investors rushed to bank profits.

Gold for June delivery fell back to $931.80 in New York, down $5.70.

Other metal prices also fell back with fears of a slowdown in the global economy – and therefore a dip in demand for commodities – adding to the already downbeat mood created by the revival of the US dollar.

Crude futures also retreated after hitting a record high Wednesday. Crude for May delivery dipped $0.76 to $110.11.

The US Commerce Department reported that February imports of crude oil dropped to 286.5m barrels worth $24.3bn from 322.2m barrels in January worth $27.1m, registering the first decline in the number of barrels imported for eight months.

The data suggested that the demand for oil in the world’s largest economy might be diminishing.

In London, May Brent crude slipped 26 cents to $108.21.