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TFC Commodity Trading Forum

Gold off over $30 as commodities pressure builds * *PIC*

Gold off over $30 as commodities pressure builds ( GC1Z DXY HG1Z PL1V PA1Z SI1Z ) (by Barbara Kollmeyer)

MADRID (MarketWatch) -- Selling of precious and base metals picked up the pace in afternoon European trading hours on Friday, after heavy losses in the prior session. Gold futures for December delivery (gc1z) fell $34.50 , or 2%, to $1,708 an ounce in electronic trading after settling around $1,741.70 on Thursday. Losses came as the dollar turned higher. The dollar index (dxy) , which measures the U.S. currency against a trade-weighted basket of six other currencies, was last at 78.395, moving up from earlier levels. December copper (hg1z) fell 20 cents, or 5.8%, to $3.29 a pound, after settling at $3.49 the prior session -- the lowest settlement since mid-September 2010. Silver for December delivery (si1z) dropped $3.14, or 8.6%, to $33.44 an ounce, while platimum for October delivery (pl1v) fell $53.60 to $1,657 an ounce and palladium for December delivery (pa1z) slid $18.45, or 2.8%, to $645.60 an ounce.