By Virginia Harrison, MarketWatch
SYDNEY (MarketWatch) — Gold futures extended losses in Asian trading Wednesday, falling in step with many other commodities and most equity markets.
Gold for April delivery GCJ2 -0.42% slipped $5.60, or 0.3%, to $1,679.20 an ounce on the Comex division of the New York Stock Exchange during Asian trading hours.
The metal shot higher earlier this week after Federal Reserve Chairman Ben Bernanke signalled U.S. interest rates would remain at current ultra-low levels for a few years.
“Low interest rates and longer-term inflationary pressures should remain supportive for gold prices,” strategists at Barclays Capital said.
In India, protests against tax hikes on non-branded gold jewelry and gold imports stretched well into their second week on Wednesday, with local media reporting jewelers and traders were holding a day-long hunger strike against the levies, which were unveiled in last week’s budget.
India is the world’s top gold consumer, and the demonstrations are reportedly frustrating imports during a seasonally strong period for demand.
The broader metals complex tracked gold lower, with palladium leading the declines.
Palladium for June delivery PAM2 -1.21% lost $7.25, or 1.1%, to $655.80 an ounce, while the April contract for sister metal platinum PLJ2 -0.98% dropped $16.10, or 1%, to $1,641.00.
May silver SIK2 -0.29% declined 19 cents, or 0.1%, to end at $32.56 an ounce.
May copper HGK2 -0.59% shed 2 cents, or 0.5%, to $3.86 a pound.
Virginia Harrison is a MarketWatch reporter based in Sydney.
