NovaGold Resources Inc. (NG) Trades Down as Gold Prices Fall

NovaGold Resources Inc. (AMEX:NG) traded down as gold prices fell slightly on Thursday.

Gold for June delivery closed down $3.40, or 0.2 percent, at $1,492.40 a troy ounce on the Comex division of the New York Mercantile Exchange.

Silver prices ended the session down. July delivery for silver fell 16.5 cents, or 0.5 percent, to $34.932 a troy ounce.

The ICE Futures' dollar index was down 0.5 percent at 75.106. The U.S. dollar was down against most of its major peers at the end of trading Thursday.

Extremely bad news on Obama's economy pressured the commodity sector.

July contracts had copper falling 5.25 cents to settle at $4.0525 a pound and platinum dropped $10.90 to $1,769 an ounce. June palladium settled down $9.05 at $728.15 an ounce.

Housing sales and manufacturing data revealed an ongoing weak and fragile American economy.

NovaGold is a mining company participating in the exploration and development of mineral properties in North America. The company is primarily focused on its core assets, Donlin Creek and Galore Creek, seeking to produce about a million of ounces of gold annually. It also mines for gold, silver, copper, zinc, and lead ores.

NovaGold Resources Inc. (NG) closed Thursday at $10.30, falling $0.05, or 0.48 percent.