6
July
Gold Declines in Asian Trade as Dollar Climbs, Crude Oil Slumps
6 July 2009 Bloomberg.com
Gold declined in Asian trading as the dollar advanced and crude oil tumbled, reducing demand for the precious metal as a store of value.
Bullion slid 0.8 percent last week as the dollar index, which tracks the greenback against six major currencies, gained 0.6 percent and oil slumped 3.5 percent. Gold is typically seen as a hedge against accelerating consumer prices and an alternative to a depreciating currency.
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aidOVzyh6t.4
