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US gold, copper lose ground as dollar gains
March 20, 2012 / 12:32 PM / in 6 years

US gold, copper lose ground as dollar gains

NEW YORK, March 20 (Reuters) - U.S. gold futures fell with
copper in early Tuesday business, as the dollar gained against a
basket of currencies, helped higher by concerns that China's raw
material demand could be slowing. 	
	
        FUNDAMENTALS 	
    *  Gold came under pressure from the strength in the dollar,
which profited from the growing view that the U.S. economy is on
a firmer footing. 	
    *  Spot gold was down 0.6 percent on the day at
$1,649.24 an ounce by 1110 GMT, having slid by nearly 3 percent
so far this month.	
    * COMEX April gold slipped $25.0 per ounce to
$1,642.4.   	
    * Copper fell as euro and equities markets retreated and
after BHP Billiton, the world's biggest miner, 	
raised concerns about the possibility of a sharp slowdown in
demand from top metals consumer China. 	
    *  Three-month copper on the London Metal Exchange 
was down 1.6 percent to $8,432 per tonne by 1204 GMT from a
close of $8,570 on Monday. 	
    * COMEX May copper futures lost 9.20 to $3.8170 per
lb.	
	
    ECONOMY	
    * U.S. Housing Starts for February due at 0830 a.m. EST/1230
GMT, increase to 700,000 forecast from 699,000 previously.	
        	
    MARKETS 	
    * The euro eased along with European stocks as investors
eyed talks between Italy's government and unions on reforms
aimed at turning around its economy. 	
    * Crude fell on signs of increased supply from Saudi Arabia,
a return to pre-war export levels from Libya, a slowdown in
Chinese demand and a stronger dollar. 	
     	
 Prices at 8:05 a.m. EDT (1205 GMT)                         
 
                               LAST      NET    PCT     YTD
                                         CHG    CHG     CHG
 US gold                    1644.10   -23.20  -1.4%    4.9%
 US silver                   32.150   -0.805  -2.4%   15.2%
 US platinum                1656.80   -27.90  -1.7%   18.4%
 US palladium                698.00    -9.60  -1.4%    6.4%
 US copper                   382.20    -8.70  -2.2%   11.2%
    	
	
	
 (Reporting by Carole Vaporean)

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