Monday, May 2, 2005
Gold price lowers on interest rate rise fears
Story link: Gold price lowers on interest rate rise fears
by Brian Turner
by Brian Turner
In the commodities markets on Monday, the price of gold for July delivery fell $5.60 to $430.50 in New York.
The retreat came ahead of the May meeting of the U.S. Federal Reserve on Tuesday, where interest rates are expected to be increased. When interest rates go higher, gold tends to become a less attractive alternative to investors.
Silver for July delivery was down as well, falling 10 cents to $6.85 per troy ounce Platinum for July delivery was up $3.40, to 872.00 per troy ounce.
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