From Bloomberg.com, Oct 22, 2009:
Gold fell for the first time in a week as a rebounding dollar eroded the appeal of the precious metal as an alternative investment.

The U.S. Dollar Index, which measures the greenback against six currencies, rose as much as 0.7 percent from a 14-month low yesterday. Gold reached a record $1,072 an ounce on Oct. 14.

“A stronger U.S. dollar shall unleash strong gold sellers,” said Dennis Gartman, an economist in Suffolk, Virginia, and the editor of the Gartman Letter.

Gold futures for December delivery fell $5.90, or 0.6 percent, to $1,058.60 an ounce on the New York Mercantile Exchange’s Comex division, the first loss since Oct. 15.

Tags: dollar, gold, price of gold

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