0924 [Dow Jones] COMMODITY SUMMARY: Gold takes another tumble to fall to low of $918.20/oz, from over $940 overnight, as crude drops to lowest level in nearly 3 weeks, safe-haven demand for gold sapped by strength in equity markets, USD strength takes momentum out of gold, new shorts enter market. Save-haven buying that has supported gold recently seems to be unwinding as financial stocks improve, Middle East worries moderate, says Carlos Sanchez, precious-metals analyst with CPM Group. Spot gold steadies to $920.90, up $1.30 vs NY close, silver unchanged at $17.36, platinum at $1,742, up $10, palladium at $383.50, up $2.50. LME metals mostly lower on similar host of factors Wednesday. Commodity-wide selling weighs on metals markets, except for zinc and lead which posted gains, oversold in recent weeks and with considerable short positions. LME 3-month copper down $50 at $8,080/ton, aluminum down $29 at $3,006, lead up $70 at $2,210, zinc up $75 at $1,920, nickel down $545 at $19,950, tin down $250. Larger-than-expected gasoline stocks build undermines oil, Nymex September benchmark futures up 4 cents at $124.48/bbl after 3% tumble overnight. (EFB)
