Gold tumbles as retail sales hike demand for dollar
By Kate Gibson, MarketWatch
Last update: 12:00 p.m. EDT June 12, 2008
NEW YORK (MarketWatch) -- Gold futures on Thursday fell to their lowest level since early May, upended after stronger U.S. retail sales for May bolstered demand for the dollar and tarnished the precious metal's allure as another asset option and hedge against inflation.
"Gold is again taking its cue from oil, which is down, and the dollar, which is up this morning," said Mark O'Byrne, executive director of Gold & Silver Investments Ltd.
Down $9 an ounce at the start, gold for August delivery got carried lower still, recently retreating $18.90 to stand at $864.00 an ounce on the New York Mercantile Exchange.
Another loser in Nymex metals dealings, July silver fell 54 cents to $16.32 an ounce.
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