Commodity Blog

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Gold Trades Below $1,400

May 16, 2013 at 0:36 by Vladimir Vyun

Gold dropped below the $1,400 level yesterday and maintained its drop today as the dollar strengthened. The greenback profited from poor economic reports from around the world. The Dollar Index climbed to the highest level in almost 10 months yesterday.

Gold is in a downtrend and economists are worried that no news, whether good or bad, help the precious metal. It was hard to believe that anything could stop the metal’s rally two years ago when gold was trading near $1,900 and traders believed that prices might go to $2,000 or even $5,000 in about a year. But here it is now, dropping below $1,400 with no signs of recovery anytime soon.

June futures for gold went down $2.6 (0.19 percent) to $1,393.60 per troy ounce as of 00:34 GMT on COMEX today.

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