Gold sinks to 4-week low as dollar climbs after Fed’s ‘twist’ |
| Washington Post - Sep 22, 2011 |
Gold fell to a four-week low in New York as the dollar’s rally cut demand for the metal as an alternative asset after the Federal Reserve said it will buy longer-maturity U.S. debt. Palladium slid to a 10-month low.
The dollar climbed to a seven-month high against six major currencies after the Fed moved to lower long-term borrowing costs and said there are “significant downside risks” to the economic outlook. Commodities including copper and crude oil slid today. Gold touched a record $1,923.70 an ounce on Sept. 6.
"We’re seeing the dollar strengthen and that’s weighing down on the whole commodity complex,” Dan Smith, an analyst at Standard Chartered Plc in London, said today by phone. Still, “we don’t see a huge downside for gold in this environment. There will be a rebound at some point.”
Read Full Article from Washington Post
- Posted: 2011-09-22 13:43:38
| More Stock Investor Place Top Stories |
 |
|
|
|
| Stock Investor Place Top Stories Archive |
|
|
|
