Gold falls as dollar rallies ahead of rescue-plan vote
MarketWatch reports gold prices fell for a second day today and the dollar rallying with the hopes of a revised version of the bail-out plan will pass in Congress.
Gold for December delivery fell $15.80, or 1.9%, to $828.50 an ounce in early trade on the Comex division of the New York Mercantile Exchange. Trading was very volatile Friday, with the benchmark contract moving up to $852.70 earlier.
“I would ascribe gold’s losses to the increased volatility and a stronger dollar,” said Ed Bugos, editor of Gold & Options Trader, a newsletter published by Agora Financial. “Speculation about the bailout is the main short-term driving force” of the dollar and gold.
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Fri, Oct 3, 2008
Post by Melissa Pistilli, Gold Senior Reporter