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Gold Cuts 2009 Gains to 30% as Deflation Hits Europe, China Hits New Year “Gold Rush”

Adrian Ash
Bullion Vault [1]
Wednesday, Dec 30th, 2009

The price of Gold dropped to a 3-session low at the start of London dealing on Wednesday, cutting its 2009 gains vs. the Dollar to 30% and losing 2.1% for the week so far.

World stock markets fell together with government bonds. The US Dollar ticked higher on the forex market.

Crude oil held near a 77% gain for the year above $79 per barrel.

Copper and zinc traded at the London Metal Exchange ticked higher from Tuesday’s 15-month closing highs.

“With [the Tocom Gold Futures exchange in] Japan out today and the holidays upon us, trading has been thin overnight and the market remains vulnerable to sharp moves,” says a note from precious metals dealer Mitsui.

Full article here [1]

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