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Gold price plunges amid Dubai debt fears

Posted By admin On November 27, 2009 @ 4:50 am In Money Watch | Comments Disabled

This is Money & Reuters [1]
Friday, Nov 27th, 2009

The price of gold tumbled nearly 5% today – its biggest one-day fall in a year – amid a widespread sell-off of assets due to Dubai debt concerns.

Torried trading in Asia, which saw shares in Japan plunge 4% and Hong Kong’s Hang Seng index fall 5%, saw commodities come under pressure. The price of oil was down 5%.

Bullion, which hit a new record of $1,195 an ounce yesterday, slumped from around $1,192 at midnight to $1,138 within a couple of hours. By 9.20am, it had recovered to $1,158. Silver, at its worst, was down about 5% while platinum fell 2%.

Dubai is burdened by £49bn of debts, while government investment company Dubai World is hobbled by £36bn of liabilities. Fears are growing that the City state’s economy may buckle under the weight of these debts, most of which is owed to global banks.

Full article here [1]

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Gold price plunges amid Dubai debt fears  FOTR 340x1692 [2] 

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URLs in this post:

[1] This is Money & Reuters: http://www.thisismoney.co.uk/markets/article.html?in_article_id=494960&in_page_id=3

[2] Buy the DVD here: http://infowars-shop.stores.yahoo.net/faofreprofba.html

[3] Global sell-off shudders markets as euro plunges to 8-month low amid fears of debt default: http://www.prisonplanet.com/global-sell-off-shudders-markets-as-euro-plunges-to-8-month-low-amid-fears-of-debt-default.html

[4] Dubai Debt Delay Rattles Confidence in Gulf Borrowers: http://www.prisonplanet.com/dubai-debt-delay-rattles-confidence-in-gulf-borrowers.html

[5] Dollar Increases as Dubai Debt Fallout Spurs Demand for Safety: http://www.prisonplanet.com/dollar-increases-as-dubai-debt-fallout-spurs-demand-for-safety.html

[6] FTSE 100 plunges amid Eurozone fears and unrest in Egypt as oil prices rise to year-long high: http://www.prisonplanet.com/ftse-100-plunges-amid-eurozone-fears-and-unrest-in-egypt-as-oil-prices-rise-to-year-long-high.html

[7] Euro falls amid continuing debt crisis fears: http://www.prisonplanet.com/euro-falls-amid-continuing-debt-crisis-fears.html

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