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Thursday, October 23, 2008

Gold Drops Below $700 for First Time in 13 Months

Downward pressure on gold continues as gold futures today fell as low as $695.20 an ounce before closing the session at $714.70 an ounce. After hours it was up over $723 an ounce as of about 6:30 EST.

Forced liquidation by funds continues to be the story with gold prices, along with the strength of the U.S. dollar.

December delivery for gold dropped by 2.9 percent or $20.50 to close at $714.20 an ounce on the Comex.

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