22
October
Gold Set for First Weekly Decline in Six as Dollar's Strength Cuts Appeal
22 October 2010 Bloomberg.com
Gold headed for its first weekly decline in six as a rebound in the dollar eroded the metal’s appeal as a haven against debasement of the U.S. currency.
Bullion for immediate delivery traded little changed at $1,326.65 an ounce at 12:39 p.m. Melbourne time, down 4.4 percent from the Oct. 14 record of $1,387.35, and taking the weekly drop to 3.1 percent. The dollar gained against a basket of six currencies, poised to end a five-week slump.
