Gold falls 3 pct as dollar firms
Reuters(London) reports the US dollar firmed up against Euro while gold fell about 3 percent.
Spot gold <XAU=> was quoted at $786.15/788.65 an ounce at 1304 GMT, down from $804.50 late in New York on Thursday, when it slipped 5 percent. Earlier it touched a low of $777.80.
Matthew Turner, at commodity analysts VM Group says:
“This is a combination of the dollar being stronger, and disillusionment that gold hasn’t performed as well as might have been expected (given that) a lot of measures of market turmoil are still showing things to be as bad as ever.”
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Fri, Oct 17, 2008
Post by Melissa Pistilli, Gold Senior Reporter