March 28, 2011, 10:57 p.m. EDT

Gold extends losses; metals broadly lower

Crude oil settles at one-week low
First Take ›

SYDNEY (MarketWatch) — Gold futures retreated in electronic trade on Tuesday, pressured by a modestly stronger dollar despite safe-haven support from ongoing unrest around the globe.

Gold for April delivery /quotes/comstock/21e!f:gc\j11 (GCJ11 1,418, -2.00, -0.14%) fell $1.00 or 0.1% to $1,419 an ounce, while the June contract /quotes/comstock/21e!f:gc\m11 (GCM11 1,419, -2.20, -0.16%) , which has the most outstanding contracts, slipped $1.60 or 0.1% to $1,419.70 an ounce.

Gold continued to get support from safe-haven appeal. While political unrest simmered in North Africa and the Middle East, Japan’s struggle to contain a nuclear crisis continued into its third week.

But Analysts at MF Global said other factors were weighing on metal prices.


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“We have started the new week on a negative note in metals, with good-sized losses seen across the board. Energy markets are lower, as is the euro, and both are playing a role in pressuring metals as well,