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Reply #19: Gold tumbles to 4-week low [View All]

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54anickel Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Apr-13-04 12:31 PM
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19. Gold tumbles to 4-week low
http://money.cnn.com/2004/04/13/markets/gold /

Gold for June delivery fell $12.40 to $408.50 on the Chicago Mercantile Exchange as the dollar climbed to a 3-1/2 month high versus the euro following the U.S. retail sales figures.

snip>

The stronger dollar gave more incentive to liquidate, by raising gold's price in other currencies, and some investors sold gold they had bought last week to hedge their portfolios against potential global security risks over the Easter break.

"Short-term direction is still heavily dependent on the currencies, however, with the market set to trade sideways around $405-30 for a while as traders continue to weigh up the latest economic news from the U.S., Europe and Japan," wrote analyst James Moore at TheBullionDesk.com, according to Reuters.
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