SPOT GOLD DROPS LOW

March 1998

Precious Metals:News

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 at $281.05.

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.


 

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