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Metals - Gold falls below 800 usd after US data boosts dollar Forbes LONDON (Thomson Financial) - Gold fell below 800 usd as the dollar strengthened after some US data came in better than expected, allaying some fears over the economy's health. A stronger dollar meant the metal was more expensive for those trading in other currencies. At 1.55 pm, spot gold was trading down at 796.70 usd per ounce against 813.00 usd in late New York trade yesterday.
On November 7, gold fetched 845.58 usd an ounce, its highest value since hitting a record 850 usd an ounce in January 1980. Kitco analyst Jon Nadler said: 'Gold remains at risk of heading towards 780 usd support.' Sliding oil prices, meanwhile, softened the threat of inflation, against which gold is often bought as a hedge. 'Also something to bear in mind is that we are at 27-year highs and we may be seeing some short term profit taking to offset against stock market losses,' said Ben Coleman, Tradindex trader. The latest set of dollar-boosting data included US Consumer inflation, which rose slightly in October despite an uptick in energy prices, while core consumer inflation, which does not include volatile food and energy prices, also continued to rise modestly, the Labor Department said today. Overall consumer prices rose 0.3 pct last month, in line with expectations and the same increase seen in September.
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