MW:Gold off over $30 as commodities pressure builds
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 -1.84% 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 +0.09% , 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 -5.69% 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 -10.48% dropped $3.14, or 8.6%, to $33.44 an ounce, while platimum for October delivery PL1V -4.01% fell $53.60 to $1,657 an ounce and palladium for December delivery PA1Z -3.32% slid $18.45, or 2.8%, to $645.60 an ounce.
