Gold falls for third day as dollar may curb demand
Gold declined for a third day, dropping below $1,700 an ounce, as a stronger dollar curbed demand for the metal as an alternative investment.
By Bloomberg | Updated:
NEW YORK: Gold today declined for a third day, dropping below USD 1,700 an ounce, as a stronger dollar curbed demand for the metal as an alternative investment.
The gold fell USD 37.10, or 2.2 per cent, to USD 1,688.10 an ounce on the Comex. Silver also dropped 3.4 per cent to USD 33.18 an ounce in New York.
The dollar rose against the euro and other major currencies on speculation an economic slowdown will pressure the European Central Bank to consider cutting interest rates and on renewed concern Greece will default.
Greece's Prime Minister George Papandreou pledged to hold a referendum on the European Union's latest bailout plan for the nation, days before Group of 20 leaders gather on November 3 for a summit in Cannes, France, to discuss the debt crisis.
The gold fell USD 37.10, or 2.2 per cent, to USD 1,688.10 an ounce on the Comex. Silver also dropped 3.4 per cent to USD 33.18 an ounce in New York.
The dollar rose against the euro and other major currencies on speculation an economic slowdown will pressure the European Central Bank to consider cutting interest rates and on renewed concern Greece will default.
Greece's Prime Minister George Papandreou pledged to hold a referendum on the European Union's latest bailout plan for the nation, days before Group of 20 leaders gather on November 3 for a summit in Cannes, France, to discuss the debt crisis.
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