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Thursday, March 20, 2008

Gold Prices Slide

April gold futures fell $25.30, or 2.7%, to end at $920 an ounce on the New York Mercantile Exchange. On Wednesday, gold plummeted $59 as traders began selling most commodities, many of which had recently rallied to historic highs.

After hitting a record high of $1,034 an ounce Monday, gold's subsequent sharp drop led it to post a 8.3% decline for the shortened week. U.S. markets, including the Nymex, will be closed Friday.

Among other metals, copper for May delivery lost 6.35 cents, or 1.7%, to end at $3.53 a pound. June palladium slid $18.40, or 3.9%, to $446.05 an ounce. April platinum lost $9.70, or 0.5%, to $1,877.30 an ounce.

May silver fell $1.59, or 8.6%, to $16.85 an ounce.
Alongside metals, crude-oil futures also continued to fall, with the May contract losing 70 cents, or 0.7%, to $101.94 a barrel.Other commodities also slid, with the Reuters-Jefferies CRB index off 1.7%

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