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Commodities Briefing - Categorized | Bullion/Gold, Price Watch more

Gold prices plunge on recession fears, dollar gain

Posted on 23 October 2008

From Businessweek.com: Gold prices collapsed Wednesday, plunging to a 13-month low as a stronger dollar and growing fears of a global recession spurred investors to yank money out of commodities.

A barrage of worrisome corporate earnings has deepened investors’ pessimism about the direction of the economy, prompting them to shift funds into less risky assets like government bonds. At the same time, a sharply stronger dollar is feeding selling of commodities bought as a hedge against inflation and weakness in the U.S. currency….. Full Article: Source


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