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Commodities: Gold down on rising dollar

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Date: Friday 02 May 2008

LONDON (ShareCast) - Gold slipped further as the appeal of the commodity was hit by the rise in the dollar against the euro.

US gold futures fell sharply with the contract for June down $14.20 to $850.90 an ounce.

The precious metal came under pressure, along with other metals, as the dollar rose on the back of better-than-expected figures from the US manufacturing index for April.

Silver and palladium hit three-month lows, while platinum was also slightly down.

Crude prices were also affected by the firmer dollar, with a barrel of oil falling 94 cents to $112.52.

Oil explorer Exxon Mobil said production is resuming in Nigeria after talks with the senior staff workers union.