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Dollar makes 15-month highs, gold suffers again

Posted on 03 October 2008

From Mineweb.com: Defying its reputation as a safe haven asset, gold bullion plunged by up to 5% at points on Thursday, trading between intraday highs around USD 876.15 and lows around USD 831.55 an ounce, as the dollar index, the trade weighted value of the greenback, moved to 15-month highs.

The moves in the dollar and gold captured the increasingly dark mood of another dreadful day in markets, with the dollar increasingly assuming the role of safe haven asset. Worries over global credit markets intensified all over again. Bleak economic reports from the US, where Congress was due to vote on a USD 700bn package to bail out toxic debt in the world’s biggest economy, saw investors taking the least line of resistance in stocks generally, and commodities, as fears grew over the extent of the rate of slow down in the global economy….. Full Article: Source


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VRS - who has written 34696 posts on Opalesque Commodities Briefing.


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