Gold set for biggest weekly loss in 2 months on stocks, oil
Bloomberg.com reports equity markets and oil prices have dropped and gold demand has been reduced as a safe haven metal.
Gold for immediate delivery fell $14.76, or 1.8 percent, to $789.84 an ounce as of 12:11 p.m. in London. The decline for the week is 7 percent, the most since the five days ended Aug. 15.
Sagiv Peretz, a senior dealer at trading-system operator Finotec Trading U.K. Ltd. says:
“We are seeing a cut in inflation expectations, this is pushing the gold market lower.”
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Fri, Oct 17, 2008
Post by Melissa Pistilli, Gold Senior Reporter