Bloomberg has latest story about falling gold prices: Gold Tumbles Below $800
Gold slumped for the fourth day as lower crude oil prices and a stronger dollar reduced the appeal of the precious metal as a hedge against inflation and as an alternative asset. Gold is trading currently below 800$ mark
Our view is that gold is entering a period of volatile consolidation following the sharp July-August sell-off, Greg Canavan, analyst at Fat Prophets Management Ltd., said today by phone from Sydney.
The weakness is being driven by a resurgent U.S. dollar, said Canavan.
Newcrest Mining Ltd., Australia’s largest gold mining company, fell 9 percent to close at A$22.60 on the Australian stock exchange, its biggest one-day fall since Aug. 5. The stock, which has slumped 32 percent this year, has dropped for three days and has a market value of A$10.2 billion ($8.4 billion). Lihir Gold Ltd., the second-largest producer on the Australian stock exchange, declined 8.4 percent to A$2.06.
Canadian miners Kinross Gold Corporation (KGC) and Yamana Gold (AUY) got hammered on NYSE as well as the popular SPDR Gold Trust ETF (GLD)