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Wednesday, October 27, 2010

Gold Prices Today Plummet on Stronger US Dollar

Gold prices today have plunged as the US dollar strengthened on mixed economic news.

The stronger dollar has also pushed the price of other metals and commodities down, pressuring natural resources companies in general.

Uncertainty surrounding the inevitable resumption of quantitative easing may be pushing gold prices temporarily down as well, as the idea it may done more incrementally than in huge amounts could weigh on gold temporarily, even though in the long haul quantitative easing will produce the same inflationary results which will ultimately push up the price of gold.

Major gold miners like Barrick Gold (NYSE:ABX), Goldcorp (NYSE:GG) and Newmont Mining (NYSE:NEM) were all down by around 2 percent, with Newmont holding the strongest at just under a 2 percent decline for the day, as of 12:50 PM EDT.

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