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Gold Down Today
Bloomberg today reports that Gold prices in New York fell to the lowest in more than three months as a gain in the value of the dollar eroded the appeal of the metal as a hedge against U.S. stocks and bonds.
Gold, sold in dollars, has dropped 4.8 percent this year on concern that rising interest rates will boost demand for the U.S. currency. The metal also fell after U.K. Chancellor of the Exchequer Gordon Brown said he hopes the Group of Seven will agree in the next few weeks to have the International Monetary Fund's gold reserves revalued.
Gold futures for April delivery fell $5.80, to $417.20 an ounce at 10 a.m. on the Comex division of the New York Mercantile Exchange. Prices fell earlier to $416.20, the lowest for a most-active contract since Oct. 19.
The dollar rose today on expectations a government report tomorrow will show the U.S. economy created the most jobs in three months in January. Economists expect the economy will have added 200,000 workers.
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