New York Gold Futures Closed Down 5.9%&Nbsp, Silver Futures Plunged 17.7%

2011/9/24 9:18:00 42

Beijing time on September 24th morning news, New York gold futures prices closed down sharply on Friday, the single day percentage decline hit the highest level in 5 years, the dollar fell the highest level since August 24th, the reason is that the turmoil in the global financial market has prompted investors to withdraw from the gold futures market and turn to cash holdings and US Treasury bonds.

Same day,

New York

Gold futures for December delivery fell by $101.90, or 5.9%, at $1639.80 per ounce, or COMEX, the highest single day percentage decline since 2006 June, when the NYMEX traded on the gold futures market.

Meanwhile, the closing price of the December contract also hit the lowest closing price of the main contract since August 1st when the gold price was closed at $1621.70 an ounce.

In this week's trading, New York gold futures fell 9.7%, the worst weekly performance since the mid 1980s.

Meanwhile, the price of silver in December delivery fell 6.48 US dollars, closing at $30.10 an ounce, or 17.7%, the highest single percentage decline in history.

In other metal pactions in the New York market, Copper Futures (56940, -3640.00, -6.01%) fell 21 cents in December, closing at 3.28 U.S. dollars per pound (or 7231 U.S. dollars per ton), down 6%, the lowest closing price since August 25, 2010, when copper prices closed at 3.21 US dollars per pound (about 7077 US dollars per ton); the price of platinum during October delivery fell by 97.40 US dollars, at $1613.20 an ounce, or 5.7%, the highest single day since May 20, 2010.

Decline

It also hit the lowest closing price since September 21, 2010, when platinum prices closed at $1612.40 an ounce and palladium prices fell $21.55 in December, closing at $642.50 an ounce, or 3.3%.