By Sarah Turner, MarketWatch
SYDNEY (MarketWatch) — Gold futures dipped in electronic trading hours on Wednesday, extending losses made in regular trading the previous day, as the dollar index edged higher.
Gold for June delivery GCM2 -0.45% lost $6.50 to trade at $1,655.90 an ounce in electronic trading during Asian hours.
The precious metal ended regular trading in New York on a downbeat note Tuesday, slipping after data showed U.S. manufacturing expanded at a slightly faster pace in April.
The ICE dollar index DXY +0.42% inched higher in Asian trading hours on Wednesday, ahead of U.S. private-employment data. Read more on dollar.
“The outlook for gold has become less positive in recent months but we do not believe gold has peaked just yet,” said Anne-Laure Tremblay at BNP Paribas.
Asian physical-gold demand should be supported by cultural appetite and income growth, she said, while some upside support may come from a weaker U.S. dollar in second-half 2012.
July copper HGN2 -0.59% dipped 2 cents to $3.82 per pound while silver for July delivery SIN2 -0.42% SIN2 -0.42% SIN2 -0.42% slipped 8 cents to $30.85 an ounce.
July platinum PLN2 -0.21% lost $5.10 to $1,567.20 an ounce while palladium for June delivery PAM2 -0.68% fell $4.05 to $677 an ounce.
Sarah Turner is MarketWatch's bureau chief in Sydney.
