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Gold’s Longest Row of Weekly Drops

December 29, 2012 at 3:26 by Vladimir Vyun

Gold fell yesterday as the dollar strengthened amid fears of the fiscal cliff in the United States. The precious metal fell 0.3 percent over the week, posting the fifth weekly decline. That was the longest stretch of declines since January 2010.

Gold has been up 5.7 percent over the year still. Economists believe that the metal may rally next week, bouncing after the huge drop. It is still possible that investors will buy gold to protect themselves against all the problems in the global economy. For now though, gold remains under selling pressure.

Spot price for gold fell $8.40 (0.5 percent) to $1,655.70 yesterday.

If you have any questions and comments on the commodities today, use the form below to reply.

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