Gold
declined for the second straight session as a stronger dollar reduced
demand for the precious metal as an alternative investment.
The dollar gained as much as 0.3 percent against a basket of currencies
amid growing concern that Europe's three-year-old debt crisis is
weighing on the economy. Last week, the dollar rose 0.6 percent, while
gold retreated 0.7 percent.
It's the dollar that's pushing gold lower, Lance Roberts, the chief
executive officer of Streettalk Advisors LLC in Houston, said in a
telephone interview.
Gold futures for December delivery fell 0.2 percent to settle at
$1,708.70 an ounce at 1:45 p.m. on the Comex in New York. The price has
slipped 3.7 percent this month.
CME Group Inc., the owner of Comex, said the New York trading floor was
closed today as Hurricane Sandy headed toward the city.
Support
|
Resistance
|
|
GOLD
|
1703.00
|
1714.30
|
1698.70
|
1721.20
|
|
1691.70
|
1726.60
|
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