Gold set for largest fall in three months |
| Reuters - Dec 12, 2011 |
Gold was set for its biggest one-day fall in three months on Monday, under pressure from a robust dollar, which in turn choked off demand from consumers in key regions such as India.
Last week's summit of European Union leaders yielded a historic agreement on beefing up fiscal discipline in the 27-member bloc, but fell short of market expectations for a more drastic solution to the crisis.
This lack of confidence in Europe pushed investors into the relative safety of the U.S. dollar, rather than gold, which has fallen by about 5 percent in the last week alone.
A stronger dollar often encourages non-U.S. holders of gold to sell the metal to lock in a higher profit in their own currencies and in India, the world's largest consumer of bullion, this has kept jewelers and other consumers at bay.
Read Full Article from Reuters
- Posted: 2011-12-12 09:57:21
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