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Gold, oil and the Canadian dollar all traded lower Thursday as the commodity sell-off continued.
The April contract for gold tumbled $25.30 US to $920 US an ounce. Gold fell $58.50 US on Wednesday, after peaking at almost $1,034 US an ounce on Monday.
Silver futures dropped another 8.6 per cent, falling $1.595 to $16.85 US an ounce.
After falling more than $3 in earlier trading, light, sweet crude oil for May delivery finished down 70 cents at $101.84 US a barrel on the New York Mercantile Exchange. On Wednesday, oil fell almost $5 US a barrel.
The drop in oil followed the release Wednesday of U.S. government data that suggested demand for oil and gasoline was falling because of high prices.
The falling commodity prices put more downward pressure on the Canadian dollar on Thursday. On foreign exchange markets, the loonie fell 0.78 of a cent to end at 97.71 cents US. It dropped 2.19 cents US on Wednesday — its biggest one-day slide in 42 years.
Base metal and agricultural commodities also retreated as funds rotated out of the sectors.
Futures prices for copper, zinc, nickel, lead and aluminum slid between 2.6 per cent and 4.5 per cent.
Wheat, soybean, corn, coffee, cotton and cocoa futures all moved lower.
The Reuters-Jefferies/CRB Index — a measure that tracks 19 commodities futures markets — was down 1.8 per cent.
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Lang & O'Leary Exchange
Markets
| Index | Last Trade | Change |
|---|---|---|
| TSX COMPOSITE | 11576.47 | 10.4 |
| DOW | 12454.83 | -74.92 |
| NASDAQ | 2837.53 | -1.85 |
| SP 500 | 1317.82 | -2.86 |
| NYSE COMPOSITE | 7534.32 | -18.01 |
| AMEX | 2227.37 | 1.45 |
| TSX-VENTURE | 1309.27 | 26.8 |
The data on this site is informational only and may be delayed; it is not intended as trading or investment advice and you should not rely on it as such.
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