Stronger dollar sends gold prices lower again
by Elaine Frei
Gold prices fell again Tuesday after the US dollar strengthened in relation to the euro after new data revealed that industrial production in Germany fell by 1.8 percent in October against an expected rise of 1 percent.
February gold was down $20.40 to $1,142.80 per troy ounce in New York trade, while gold for immediate delivery in London was down $12.08 to $1,146.02 per troy ounce.
One of the factors, aside from the falling dollar, that has been pushing gold prices higher has been purchases by central banks, including those in India and Russia.
But now, the Bank of Korea has said it has no plans to buy more presently because it does not produce cash returns.
Among other precious metals, March silver was down 55 cents to $17.81 per troy ounce and January platinum dropped $4.20 to $1,440.40 per troy ounce in New York.
Meanwhile, March copper was down 4 cents in New York, to trade at $3.17 per pound.
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