Go Finance Reporting in SINGAPORE - Gold prices weakened accompany falling oil prices. This is caused by fears of debt crisis in Greece which will lower its ranking.
Oil prices fell more than one U.S. dollar on Tuesday after the CME Group trading margin increase in U.S. crude oil futures by 25 percent following a price surge on Monday.
"The increase in margin reduces the bullish sentiment in the market the commodities market," said an analyst at Phillip Futures Ong Yi Ling was quoted as saying by Reuters on Tuesday (05/10/2011).
He said gold prices could move towards USD1.500 per ounce. The increase in margin transactions in COMEX silver by CME Group for the last two weeks knocking on silver prices fell more than 25 percent compared to last week. This selling action also selling in commodity markets.
The price of silver in the spot market fell 0.7 percent to USD37, 63 per ounce by, after the rally to record up to six percent in the previous session. This is the biggest single-day rise rise in six months. While on the COMEX, silver prices rose 1.6 percent to USD37, 70 per ounce.
The price of gold in the spot market edged down 0.2 percent to USD1.509, 99 per ounce after rising in two consecutive sessions. Gold on COMEX rose half a percent to USD1.510, 60. (GoFinance)
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