Tuesday March 3, 2009, 4:56 pm EST
NEW YORK (AP) -- Gold prices lost more ground Tuesday as investors refrained from making big bets in nearly all markets amid lingering concerns about the economy and the administration's efforts to revive it.
Oil prices rebounded, while agriculture futures were mixed.
Investors are in a state of flux, searching for any concrete signs that the government will be able to pull the economy out of recession, all the while battling concerns about a financial system that has yet to show signs of stability despite receiving billions in federal aid.
Gold prices had been trending higher in recent weeks, benefiting from some safe-haven buying amid economic concerns, but they have shown weakness in the past few sessions, falling along with stocks.
"Sometimes there is movement out of all assets, even safe havens," said Tom Pawlicki, an analyst at MF Global Research. "The weakness we're seeing in equities could be driving gold lower."
Gold for April delivery dropped $26.40 to settle at $913.60 an ounce on the New York Mercantile Exchange, after earlier falling to as low as $905.70. Prices have fallen 8.8 percent over seven sessions after hitting an 11-month high of just over $1,000 an ounce, but are still up about 3 percent for the year. more...
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