8
December
Silver Gains as U.S. Tax Cuts Boost Growth Prospects; Gold Futures Decline
8 December 2010 Bloomberg.com
Gold declined for a second day in London after a rally to a record and a stronger dollar prompted some investors to sell the metal.
The dollar gained against the euro after President Barack Obama agreed to extend tax cuts for two years. Gold, which usually moves inversely to the greenback, reached a record $1,431.25 an ounce yesterday. Precious metals gained this year on Europe’s debt woes and as investors sought an alternative to currencies. Other commodities fell today on speculation China is getting closer to raising interest rates.
