Gold Nears $800, Platinum Below $1,500

by CoinNews.net on August 12, 2008 · 0 comments

New York gold stretched its losing streak to eight consecutive days on Tuesday with a fall of more than $100 in August. Platinum took a body blow and staggered with a fall of $56. Both metals are at their lowest level since December of 2007.

Bullion update ...Gold had recovered somewhat earlier Tuesday, until a rallying US dollar spooked investors away from the yellow metal.

Silver for September lost 13.5 cents to close to $14.49 an ounce.

October platinum tanked by $56.70, falling to $1,478.80 an ounce.

December gold dropped another $13.70 to close at $814.60.

“Showing no signs that it has found a near-term bottom, gold continued to lose ground for an eighth session today, erasing its year-to-date gains, plunging to a low of $801.90 per ounce, and turning into bear territory," said senior analyst Jon Nadler at Kitco Bullion Dealers.

Gold is now off 29% from the March peak of $1033.90 and 23% from the recent $989 peak of July 15."

A stronger U.S. currency makes commodities — like gold and platinum — priced in dollars more expensive for holders of other currencies.

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