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Gold falls 2 pct, tracking losses across commodities
Jan Harvey
Reuters
Tuesday, August 5, 2008
LONDON, Aug 5 (Reuters) – Gold fell more than 2 percent in Europe on Tuesday, tracking losses in other commodities, notably oil which lost more than $2 a barrel to a three-month low.
The dollar reached a new seven-week high against a basket of currencies, further dampening interest in gold. Traders are awaiting the rates announcement of the U.S. Federal Reserve later in the session.
Gold fell as low as $875.60 an ounce, its weakest level in nearly six weeks. At 1535 GMT it was at $877.00/878.00 an ounce, down from $895.55/896.95 late in New York on Monday.
(ARTICLE CONTINUES BELOW)
COMEX December gold GCZ8 lost $22.10 to $878.00 an ounce.
A firm dollar typically pressures gold, as it dents the precious metal’s appeal as an alternative investment. [ID:nL5644759]
“Gold has sold off on oil’s steep falls and with sharp falls in many other commodity markets,” said Mark O’Byrne, executive director of Gold and Silver Investments.
“The CRB Reuters Jefferies Commodity Index was down 3 percent yesterday, its largest one day sell-off since last March,” he added.
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2 Responses to “Gold falls 2 pct, tracking losses across commodities”
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August 5th, 2008 at 2:22 pm
Time to buy some gold.
August 5th, 2008 at 3:34 pm
Now that Astronauts Ed Mitchell and Gordon Cooper have confirmed that UFO’s are real, and also that the military has been covering it all up. Last week senior Nasa official, Clark McClelland, opened up a brand new can of beans!
McClelland revealed on his website that he saw an 8 to 9 ft tall alien on his monitor that was in the shuttle cargo bay communicating to two astronauts. McClelland also said a UFO was locked in orbit with the shuttle while this event was taking place.
This information confirms the astounding revelations of prophet Linda Newkirk regarding the extraordinary events of Revelation 12 that she has been going through, that are now about to come to a close.
You can find the links at;
http://www.hismailroom.com