Gold prices are falling for a second day as investors take their money out of precious metals and put it back in to the riskier stock market.
The Dow Jones industrial average gained about 1 percent in late trading. Higher stock prices Friday also led to gains in industrial metals like platinum and copper. A strengthening stock market signals that future demand might not be as weak as some traders thought earlier this week.
The markets were cheered by news that consumer spending improved last month, with retail sales rising 0.5 percent. September palladium rose $14.40 to $748.20. Copper for September delivery gained 0.35 cents at $4.012 per pound. October platinum added $4.30 to $1,796.70. September silver gained 44.5 cents to $39.114 an ounce. Gold for December delivery fell $8.90 to $1,742.60 an ounce. Gold had rallied earlier in the week, hitting a new record just above $1,800 an ounce before backing off those highs. Corn for December delivery rose 0.5 cents to $7.145 per bushel. Wheat for September delivery rose 1.25 cents to $7.025 per bushel. November soybeans added 3 cents to $13.3475 per bushel. In energy trading, oil prices closed slightly lower on uncertainty over future demand. Benchmark crude for September delivery fell 34 cents to $85.38 per barrel on the New York Mercantile Exchange. Heating oil gained 0.45 cents at $2.9037 per gallon. Gasoline futures fell 0.51 cents to $2.8222 per gallon and natural gas lost 4.8 cents to end at $4.06 per 1,000 cubic feet.
