Friday, March 28, 2008

Lessoning Inflation Concerns Triggers Drop in Gold, Sell Off

Better than expected news from the U.S. Department of Commerce concerning consumer spending, evidently gave the U.S. dollar some strength at the end of the week, along with news inflation isn't getting out of control.

As a result, gold fell as those using it as a hedge against inflation sold off some of their holdings.

Other gold news from around the web:

Gold Plummets on Stronger Dollar

Gold prices fell sharply Friday after the dollar ticked higher and crude oil retreated, diminishing the precious metal's appeal as a hedge against inflation.


Gold falls 2 percent in broad commodities sell-off

Gold fell more than 2 percent 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 ... More


Gold-mining shares decline amid dollar strength, benign inflation figures

Shares of gold mining companies fell Friday as the yellow metal came under pressure amid strength in the dollar, falling oil prices and tame inflation numbers ... More


Gold drops towards 930 usd on solid US economic data

Gold continued lower, dropping towards 930 usd after solid US economic data expedited an end of week slide started by weaker oil prices and the dollar's firmer footing.


Gold futures down 2% as other metals fall

Gold futures ended sharply lower Friday, as strength in the dollar and broad weakness in the commodity markets weighed on the precious metal.

Gold for April delivery dropped $18.20 to end at $930.60 an ounce on the New York Mercantile Exchange.


Iamgold Profit Falls 9.3% on Costs at Quebec Mine

Iamgold Corp., owner of the Doyon mine in Quebec, said fourth-quarter profit fell 9.3percent because of costs to find additional gold at the deposit.


Investors confident despite Barrick CEO departure

Barrick Gold's (ABX.TO) deep pool of talent and track record of succession planning is letting investors shrug off the surprise departure of Chief Executive Greg Wilkins, as the company's founder, Peter Munk, temporarily retakes the reigns.


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