SPOT GOLD DROPS LOW
For the first time in 18 years, spot gold prices fell below $280 an ounce
in London and New York City on Jan. 9. On the Comex Division of the New
York Mercantile Exchange, spot gold dropped to $278.45 an ounce before finishing
That same day, February gold closed that day at an 18-year low of $281.80,
reported The New York Times.
Gold prices continued to hover below $300 at Professional Jeweler's press
time. Analysts who cover the metals market speculate that as the strong
U.S. dollar and U.S. bond market steps in, gold's role as a dependable investment
during financial crisis will continue to diminish.
- by Stacey King Copyright © 1998 by Bond Communications.