CHICAGO, July 10 (Xinhua) -- Gold futures on the COMEX Division of the New York Mercantile Exchange ended slightly lower on Friday due to tumbling oil and a strong dollar. Silver and platinum both went down, too.
Gold price for August delivery lost 3.70 U.S. dollars, or 0.4 percent, finishing at 912.50 dollars an ounce.
The International Energy Agency reaffirmed in its monthly report that the global oil demand in 2009 will fall 2.9 percent from a year ago. Meanwhile, the University of Michigan and Reuters consumer sentiment index fell to 64.6 from 70.8 in June, much lower than the expected 70.5, which also weighed on oil prices.
The benchmark August oil futures fell 52 cents to end at 59.89 dollars a barrel after dropping to as low as 58.72 dollars earlier in the session.
The weak oil eased investors' concerns on inflation and dragged gold back to negative area as the precious metal's appeal of hedge against inflation was reduced.
The U.S. dollar remained higher against most of its major rivals after a narrowing of the U.S. trade deficit in May, putting some additional pressure on the yellow metal.
The U.S. Commerce Department reported the trade deficit narrowed to 26 billion dollars in May from a revised 28.8 billion dollars in April. Economists had been expecting the deficit to widen to 30 billion dollars.
September silver finished at 12.645 dollars per ounce, down 29 cents. October platinum fell 2.90 dollars to 1,107.60 dollars an ounce.
