Gold, other metals fall as dollar strengthens; Energy prices reverse early losses, move higher
By APTuesday, December 22, 2009
Gold prices retreat as dollar rises
NEW YORK — The price of gold has fallen further, touching its lowest level since November as the dollar strengthens.
Gold for February delivery is down $9.30 at $1,086.70 an ounce on the New York Mercantile Exchange, after earlier falling as low as $1,075.
Investors have been selling gold in recent weeks, reversing a monthslong trend of higher prices, as the dollar gains ground against other currencies. Investors have been buying dollars in a bet that the U.S. economy will recovery faster than those in Europe and parts of Asia. Gold prices tend to move in opposite to the dollar.
Other metals are also lower, while energy prices are higher.
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