Gold prices went down on Thursday, closing low for the fourth straight day as the dollar's climb against other major currencies losing its appeal to most metal investors.
Meanwhile, Oil prices dropped to its former level of $35 while agriculture futures were mostly lower.
The dollar was stronger against the euro and the Japanese yen, and gained against the British pound earlier in the trading day, but pulled back slightly later in the session.
The gains in the dollar came after the European Central Bank slashed its benchmark interest rate by half a percentage point to 2 percent, as expected. The cut follows the Bank of England's move last week to reduce its interest rate to 1.5 percent. Lower interest rates can help spur spending and boost an economy, but they also have a tendency to undermine local currencies as investors seek higher returns elsewhere. Rate cuts around the world have subsequently roused the dollar in recent weeks.
Gold for February delivery lost $1.50 to settle at $807.30 an ounce on the New York Mercantile Exchange. The contract has lost 5.6 percent this week.
March silver fell 3.5 cents to $10.44 an ounce, while March copper futures fell 3.4 cents to $1.4535 a pound.
The yield on the benchmark 10-year Treasury note, which moves opposite its price, slipped to 2.19 percent from 2.20 percent late Wednesday.
Oil prices tumbled on the Nymex, after OPEC cut its 2009 energy demand forecast. The Organization of Petroleum Exporting Countries said in its January report it expects world demand for crude will fall 180,000 barrels per day in 2009, compared with the previous year.
Light, sweet crude for February delivery fell 5 percent, or $1.88, to settle at $35.40 a barrel, after falling to as low as $33.20 earlier in the session.
In other Nymex trading, gasoline futures rose less than a penny to settle at $1.1742 a gallon, and heating oil rose 2.4 cents to settle at $1.4871 a gallon.
Local bullion buyers are still warned of the proliferation of counterfeit crowns suspected to have came from Chinese syndicates. Although the local price of silver and gold bullion coins have plummeted in the past months. Supply are still hard to come by as local Dealers struggle to meet demand from the recent "run on precious metals" by businessmen who were seeking investment safe haven.
Most of these counterfeit coins are being offered in hoard or mixed with original coins to avoid suspicion.
Counterfeit coins are not easy to detect especially nowadays that counterfeiters have perfected the exact weight of the original coins. However, one definite sign to look for is the pristine condition which is very unusual for 100 year old coins that can be found in hoard.
Meanwhile, Oil prices dropped to its former level of $35 while agriculture futures were mostly lower.
The dollar was stronger against the euro and the Japanese yen, and gained against the British pound earlier in the trading day, but pulled back slightly later in the session.
The gains in the dollar came after the European Central Bank slashed its benchmark interest rate by half a percentage point to 2 percent, as expected. The cut follows the Bank of England's move last week to reduce its interest rate to 1.5 percent. Lower interest rates can help spur spending and boost an economy, but they also have a tendency to undermine local currencies as investors seek higher returns elsewhere. Rate cuts around the world have subsequently roused the dollar in recent weeks.
Gold for February delivery lost $1.50 to settle at $807.30 an ounce on the New York Mercantile Exchange. The contract has lost 5.6 percent this week.
March silver fell 3.5 cents to $10.44 an ounce, while March copper futures fell 3.4 cents to $1.4535 a pound.
The yield on the benchmark 10-year Treasury note, which moves opposite its price, slipped to 2.19 percent from 2.20 percent late Wednesday.
Oil prices tumbled on the Nymex, after OPEC cut its 2009 energy demand forecast. The Organization of Petroleum Exporting Countries said in its January report it expects world demand for crude will fall 180,000 barrels per day in 2009, compared with the previous year.
Light, sweet crude for February delivery fell 5 percent, or $1.88, to settle at $35.40 a barrel, after falling to as low as $33.20 earlier in the session.
In other Nymex trading, gasoline futures rose less than a penny to settle at $1.1742 a gallon, and heating oil rose 2.4 cents to settle at $1.4871 a gallon.
Local bullion buyers are still warned of the proliferation of counterfeit crowns suspected to have came from Chinese syndicates. Although the local price of silver and gold bullion coins have plummeted in the past months. Supply are still hard to come by as local Dealers struggle to meet demand from the recent "run on precious metals" by businessmen who were seeking investment safe haven.
Most of these counterfeit coins are being offered in hoard or mixed with original coins to avoid suspicion.
Counterfeit coins are not easy to detect especially nowadays that counterfeiters have perfected the exact weight of the original coins. However, one definite sign to look for is the pristine condition which is very unusual for 100 year old coins that can be found in hoard.
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