Gold's luster continues to fade

Gold prices fell for the third day in a row on Tuesday as the U.S. dollar continued to strengthen.

February gold fell $32 to settle at $1,131.40 an ounce. Gold prices have tumbled 7% since hitting an all-time high of $1,218.30 on Thursday.

The retreat came as the U.S. dollar regained ground against rival currencies, undermining demand for gold as an alternative investment.

"The dollar is strong today, and gold has been trading against the dollar," said Joe Foster, portfolio manager for the Van Eck Global International Investors Gold Fund. He said prices could continue to decline for the next few weeks before climbing anew next year.

Read Full Article from CNNMoney.com

- Posted: 2009-12-08 20:04:41

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