Tue, Aug 18th, 2009
Gold Declines for a Second Day as US Dollar advance saps Demand
Gold Declines for a Second Day as US Dollar advance saps Demand
Gold declined for a second day as the US dollar advanced against the euro, eroding demand for the metal as an alternative investment, and commodities dropped.
Bullion slumped as much as 0.7 percent as the Dollar Index, which measures the U.S. currency against those of six major trading partners, rose for the second day.
Gold for immediate delivery fell to $948.28 an ounce in Singapore. The metal has gained 6.9 percent this year. The euro dropped to $1.4145 from $1.4205 in New York on August 14th.
