Forex News Continued slide in oil prices futures clips gold gains overnight, oil sheds more than 10% since record high Monday. Stronger USD, rally in DJIA also improves risk sentiment but Merrill Lynch announcing severe 2Q earnings disappointment after U.S. market close could wipe away gains on reopening. Still, gold higher in market supported amid worries about the financial system. Platinum falls to multi-week lows on worries about health of U.S. auto sector - which affects demand since the metal's used in auto catalysts - reduced worries about electrical shortages in South Africa. Spot gold at $958.30/oz, up $1.30 vs NY close, silver at $18.52, down 2 cents, platinum rebounds in early Asian trading, at $1,886, up $20, palladium unchanged at $421. Base metals rebound, but there are concerns correction has further to run; U.S. data, stronger equities support. U.S. home construction unexpectedly surged in June because of a change to New York City building codes, but excluding the adjustment, housing starts tumbled. LME 3-month copper up $80 at $8,160/ton, aluminum up $5 at $3,127, lead up $5 at $1,965, zinc up $44 at $1,839, nickel up $350 at $20,750, tin up $250 at $23,400. Nymex August benchmark crude futures up 92 cents at $130.21/bbl, after dropping $5 overnight.
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