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Gold falls $200 an ounce over expected US QE3
Business digest: Safe haven commodity plummets after weeks of steady climbing on recession fears
Gold has fallen $200 an ounce in the last three days after weeks of rising fuelled by fears over the global economy. The precious metal fell 10 per cent from its recent peak of $1,876 an ounce in London, eventually closing at $1,726 after rallying slightly. This is the third day in a row gold has ended down.
The price of the commodity is being affected by speculation over the announcement of more quantitative easing at today's US Federal Reserve meeting in Jackson Hole, Wyoming.
Analysts compared the performance of gold to that of silver earlier this year, which rose steeply and then plunged back to its original levels.
Read a full report at the Daily Telegraph. ·
