Gold falls most in four weeks as oil, inflation concerns Ebb

NEW YORK: Gold today fell the most in four weeks as lower energy costs eroded the appeal of the precious metal as a hedge against inflation.

Gold fell $ 11.50 or 0.7 per cent, to $ 1,531.20 on the Comex. A close at that price would be the biggest decline since May 13.

Silver also fell 60.4 cents, or 1.6 per cent, to $ 36.82 an ounce. The price has doubled in the past 12 months.

Analysts and traders expect crude-oil futures to fall next week on slowing US economic growth. Gold reached a record $ 1,577.40 on May 2 when oil rallied to $ 114.83 a barrel, the highest in more than two years.