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Coin Collecting NewsGold Declines Below $800 an Ounce as Rising Dollar Cuts Appeal
Gold fell below $800 an ounce and silver slumped to the lowest in more than a year as the U.S. government’s seizure of mortgage lenders Fannie Mae and Freddie Mac boosted the value of the dollar and reduced the appeal of bullion as an alternative asset.The U.S. currency traded near the highest level since October against the euro while gold fell to within 3 percent above its low this year. The dollar index, which tracks the greenback against currencies of six major U.S. trading partners, rose to a one-year high yesterday.
“It appears that the market is torn between those investing in gold ahead of the Indian wedding season and those selling gold as a result of the strength of the U.S. dollar and weak economic conditions,” Jonathan Barratt, managing director of Commodity Broking Services, said in a report yesterday.
Bullion for immediate delivery fell 0.7 percent to $796.15 an ounce at 1:42 p.m. in Singapore. Silver for immediate delivery fell to as low as $11.84 an ounce, the lowest since Aug. 31, 2007, before trading at $11.8475.
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