Gold falls 4%, moving towards $675
In continuation of the last four day’s fall, price of the yellow metal lost another 4 per cent on Friday. The COMEX December futures was near $685 an ounce.
Harish Gallipeli, research head, Karvy Comtrade, said:
The fall is due to the extended strength in the dollar while liquidity pressure persists. As traders utilize their profits from positions in gold against the falling global equity markets, gold is seeing a move closer to strong supports.
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Fri, Oct 24, 2008
Post by Melissa Pistilli, Gold Senior Reporter