Gold futures settled modestly lower Monday amid a rally in the U.S. dollar and broad-based weakness in the commodities complex.
COMEX gold futures, per the December 2011 contract, finished with a loss of $6.40, or 0.4%, at $1,676.60 per ounce. The yellow metal subsequently slid to an intra-day low of $1,665.40 in electronic trading, but later bounced back above the $1,670 level.
Silver futures fared considerably worse than their precious metal brethren, dropping $0.51, 1.6%, to $31.66 per ounce.
The sell-off in precious metals was accompanied by a renewed decline in the euro currency, particularly versus the U.S. dollar. After nearing 1.39 late last week, the euro retreated 0.9% to 1.3747 against the greenback this afternoon amid escalating sovereign debt concerns across the Atlantic.
Gold and silver equities extended their losses alongside the broader equity markets this afternoon as well, with the Philadelphia Gold & Silver Index (XAU) off by 2.4% at 192.98. Two of the XAU’s hardest hit components were Freeport-McMoRan Copper & Gold (FCX) and Silver Standard Resources (SSRI) – which tumbled 4.1% and 5.1%, respectively.
Platinum Group Metals Purchases Canadian Platinum Project
- The mineralization is in a well-recognized deposit model known as a "Komatiite Hosted" setting.
- The discovery, made during exploration for diamonds, is notable as it is a first for this part of the Northwest Territories.
- The platinum group metals grades are at the top end of the global ranges for the copper nickel mineralization style.
- Platinum Group Metals will utilize the winter season to review and model all of the extensive project data and establish supplies at the exploration camp for a drilling campaign in the spring and summer 2012.
