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Strong Dollar Rally Causes Gold Prices to Tumble
Gold prices tumbled below $800 per ounce for the first time since late 2007 Friday, as the continuing U.S. dollar rally sparked an across-the-board retreat in commodity prices.
Gold closed Friday at $792 an ounce, a decline of $22.40, or 2.75%. Gold prices have plummeted 23% since the “yellow metal” hit an all-time record of $1,032 an ounce on St. Patrick’s Day.
“The dollar’s continuing uptrend is a key factor depressing commodities in general and triggering heavy sales in gold,†Shuji Sugata, manager at Mitsubishi Corp. Futures and Securities Ltd. in Tokyo told Reuters.
Investors who had been using precious-metals investments as a…
19Aug2008 | Money Morning | Comments Off | Continued
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