Gold News & Info

Source: Marketwatch

New York— A strong dollar sent gold reeling, with prices stumbling nearly 2% in the largest one-day sell-off in more than a month. Greece's debt woes battered the euro and provided a boost for the greenback, which weighed negatively on commodities across the board. Gold took a harder fall than other metals, however. April delivery prices slumped $19.90, or 1.8%, to end at $1,107.60 an ounce at the New York Mercantile Exchange. For the week, however, gold eked out a 0.5% increase.

Gold was able to hold its own Thursday even as it also faced a stronger dollar, with some safe-haven buying offsetting the higher US currency. But the same dynamics appeared to be absent on Friday. Prices just couldn't resist all the negative sentiment on Friday's thinner trade, said George Gero with RBC Capital Markets in New York. In addition, some saw the interest-rate increase in India as a negative for gold, as it cools off growth in a top gold-buyer nation. See full story.