Business | Markets

Gold falls 2% as high dollar mars mood

Gold fell more than two per cent in a broad commodities sell-off on Friday, with a rise in the dollar and softer oil prices dampening the metal's allure as an alternative investment.

  • Reuters
  • Published: 00:48 March 29, 2008
  • Gulf News

London: Gold fell more than two per cent in a broad commodities sell-off on Friday, with a rise in the dollar and softer oil prices dampening the metal's allure as an alternative investment.

Other key precious metals, base metals and major soft commodities traded lower, with investors pocketing profits.

Gold fell to $926.50 before hitting $932.40/$933.30 an ounce at 1426 GMT, against $951.80/$952.60 in New York late on Thursday.

"The market is really correcting itself, but it's a general move out of commodities. It's not just gold," said Jeremy East, head of metals trading at Standard Chartered Bank.

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