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Gold Keeps Dropping
Reports Bloomberg News.
Gold in New York fell for the third time in four sessions after a U.S. government report showed inflation is easing, reducing the appeal of the precious metal as a hedge against accelerating consumer costs.
The price of gold has fallen 20 percent from a 26-year high of $732 an ounce in mid-May after the U.S. Federal Reserve raised interest rates 17 times in two years to head off inflation. Core prices paid to U.S. producers fell 0.4 percent in August after a 0.3 percent drop in July, the Labor Department said today. It was the first back-to back-decline since the end of 2002.
``Lately, inflation is less of a concern,'' said Matt McKinney, a commodity broker at Infinity Brokerage Services Inc. in Chicago. ``That's a clear indication by the price of gold coming down $50 in the last few weeks.''
Gold futures for December delivery fell $6.80, or 1.2 percent, to $586 an ounce at 10:35 a.m. on the Comex division of the New York Mercantile Exchange. The metal gained 1.6 percent yesterday after dropping 5.6 percent last week and losing 2.4 percent the previous week.
Prices have climbed each year since 2001 and are up 13 percent in 2006.
No sign of the Gold Bulls.
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