By Sara Sjolin, MarketWatch
LONDON (MarketWatch) — Gold futures extended a decline Tuesday, as concerns about global growth intensified after China lowered its growth target the prior day.
Gold futures for April delivery GCJ2 -1.05% shed $20.20, or 1.2%, to $1,683.70 an ounce, extending losses into a third trading session.
Gold gold prices came under pressure after China Monday set its growth target for 2012 at 7.5%, a half-point below the level targeted over the last eight years. The move fueled concerns about slower growth in the world’s second largest economy. Weak business activity data from the euro zone and a fall in factory orders in the U.S., also released Monday, further added to global growth worries.
Other metals tracked gold lower and silver for May delivery SIK2 -1.19% shed 50 cents, or 1.6%, to $33.18 an ounce, while copper for May delivery HGK2 -2.22% fell 10 cents, or 2.6%, to $3.76 a pound. Platinum for April delivery PLJ2 -1.92% was $37 lower, or 2.2%, at 1,625.60 an ounce.
A stronger dollar further added to metals decline and the ICE U.S. dollar index DXY +0.40% , which measures the greenback against a basket of six other currencies, gained 0.4% to 79.646. Commodities traded in the American currency tend to drop on the back of a stronger dollar, because they get more expensive for other currency holders.
