Gold Drops for Third Straight Day as Dollar's Gain Pares Investment Demand

Gold fell for a third day as an advance in the dollar curbed demand for commodities, including precious metals.

Gold for immediate delivery declined 0.5 percent to $1,220.55 an ounce at 10:46 a.m. in Singapore. December-delivery futures fell 0.5 percent to $1,222.20 an ounce.

“We will continue to see lower gold prices,” said Wallace Ng, Hong Kong-based executive director with ABN Amro Securities Asia Ltd. “It is following the weakness of general markets, like stocks, commodities and energy.”

The Dollar Index, a six-currency gauge of the dollar’s value, climbed for a fourth day. Gold typically moves inversely to the dollar. The Reuters/Jefferies CRB Index of 19 commodities dropped for a fourth day yesterday as the U.S. struggles to recover from the worst recession since the Great Depression.

Read Full Article from Bloomberg

- Posted: 2010-08-23 22:44:54

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