Gold tumbled to its lowest level in more than a week Friday after the dollar strengthened and investors cashed in profits following the precious metal's big January gain. Other precious metals traded mixed, with silver easing off a 28-year high and platinum hitting a record for a second straight session. The dollar rose after an industry group reported that the U.S. manufacturing sector grew modestly in January. The Institute for Supply Management said its manufacturing index rose last month to a reading of 50.7, up from a revised reading of 48.4 in December. A reading above 50 indicates growth, and below that level indicates contraction. The dollar strengthened against the 15-nation euro, which fetched $1.4832 in Friday afternoon trading. A stronger greenback makes dollar-denominated commodities like gold weakens their attractiveness as alternative investments, especially to overseas buyers. «The dollar is leading the situation right now. Some of the froth has been taken off gold,» said Jon Nadler, senior analyst at Kitco Bullion Dealers Montreal. After a sharp overnight rise, gold for April delivery fell $15.40 to $912.60 an ounce on the New York Mercantile Exchange. The contract earlier dropped as low as $908.5 an ounce, its lowest level since Jan. 24. Nadler said it appears some fund traders were cashing in on gold's strong recent performance; The metal rose by 10 percent in January and breached the $900 barrier for the first time. «It could get a lot uglier for gold if more people wake up and say 'I could have sold up there,»' Nadler said. Meanwhile, platinum prices continued their upward climb amid power disruptions in South Africa, the world's leading platinum producer and second largest gold producer. Several major South African mines received increased power supply Friday but the disruptions have fed concerns about how the sector will deal with future supply cuts. Platinum for April delivery hit an all-time high of $1,776.50 an ounce in Nymex trading Thursday. It later pulled back on profit-taking to $1,770.90, still up $33.50. March silver rose to $17.345 an ounce _ its highest level since 1980 _ before slipping to $16.875, down 12 cents. March copper lost 2.2 cents to $3.2760 a pound. In energy markets, oil prices fell below $90 a barrel after the U.S. government reported weak jobs data for January, fueling concerns that a recession may undercut energy demand. The Labor Department said Friday that employers cut 17,000 jobs last month, the first reduction in more than four years and a sign that the economy continues to weaken. Light, sweet crude for March delivery lost $2.98 to $88.77 a barrel on the Nymex. Other energy futures also fell. Heating oil futures lost 7.06 cents to $2.4585 a gallon, while gasoline prices dropped 6.59 cents to $2.2913 a gallon. Meanwhile, agricultural futures mostly rose on the Chicago Board of Trade. Wheat for March delivery gained 7.5 cents to $9.37 a bushel, and March soybeans added 6.5 cents to $12.81 a bushel. March corn fell 1.5 cents to $4.9975 a bushel.
