Gold extends losses, sinks towards $940
August 17, 2009 by goldguru · Leave a Comment
Gold slipped towards $940 on Monday to extend losses from late last week when lacklustre US consumer confidence data clouded the economic outlook, causing oil to fall and dulling the metal’s appeal as an inflation hedge.
The precious metal is now nearing the month’s trough of $939,40 marked last week, while its fate remains closely tied to an inverse correlation with the dollar.
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