8
October
Gold Declines From Record, Pares Weekly Advance, on Strengthening Dollar
8 October 2010 Bloomberg.com
Gold fluctuated in London after the biggest drop in more than two months, as investors sought a protection of wealth and an alternative to currencies.
The dollar traded near the lowest level since 1995 against the yen on concern the Federal Reserve will debase its currency by stepping up purchases of government debt, and the greenback was near the lowest level since January against the euro before a report forecast to show the U.S. jobless rate rose. Gold, which yesterday dropped 1.1 percent, reached a record $1,364.77 an ounce yesterday.
