Alexander
User
Platinum Boarder
| Posts: 333 |  |
Karma: 7
|
Gold Declines for Third Day as Dollar Strengthens - 2008/08/26 20:27
Good day, traders. Today, Gold and the Dollar are the focus on the financial news.
Gold declined in London for a third day as the dollar strengthened, diminishing demand for the metal as an alternative investment. Silver and platinum also fell.
The dollar rose for a third session against the euro, extending its gain to 7 percent this month. Gold has fallen 11 percent in the period. Crude oil traded 24 percent below its July 11 record of $147.27 a barrel on the New York Mercantile Exchange, curbing the metal's appeal as an inflation hedge.
Gold for immediate delivery fell $13.95, or 1.7 percent, to $808 an ounce as of 11:49 a.m. in London. Futures for December declined $14.70, or 1.8 percent, to $812.20 an ounce in after- hours electronic trading on the Comex division of the New York Mercantile Exchange.
Gold has traded between $772.98 and $838.79 in the past two weeks.
Hedge-fund managers and other large speculators decreased their net-long position in New York gold futures in the week ended Aug. 19, according to U.S. Commodity Futures Trading Commission data.
|
Traders Forum 
