Barbara
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Gold Falls in London Trading on Stronger Dollar - 2007/10/12 20:21
Gold fell from a 27-year high in London as the dollar strengthened against currencies such as the euro, diminishing the precious metal's appeal as an alternative investment.
Gold for immediate delivery fell 67 cents, or 0.1 percent, to $747.20 an ounce at 11:08 a.m. in London. The metal has gained 0.6 percent this week. Gold reached $753.65 yesterday, the highest since January 1980.
In London, the 10:30 a.m. fixing rate used by some mining companies to price sales of gold rose $1 to $748.50 an ounce. The fixing is conducted by telephone twice a day by five banks: Deutsche Bank AG, HSBC Holdings Ltd., Bank of Nova Scotia, Societe Generale SA and Barclays Plc.
Some investors buy gold as a hedge against inflation. Crude oil fell 38 cents, or 0.5 percent, to $82.70 a barrel in New York, within 1.4 percent of a record.
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