Gold falls for fourth straight session as crude, stocks rise
26 February 2009
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Gold futures fell Thursday for a fourth straight session to near $940 an ounce as higher stock markets and crude prices reduced safe-haven buying.
Gold for April delivery lost $23.80, or 2.4%, to $942.40 an ounce in North American electronic trading. Prices are now about $60 lower than Friday’s high above $1,000 an ounce.
In equity markets, European shares rose, while U.S. stock futures also moved higher. Meanwhile, crude oil rose to the highest level in one month as data showed U.S. gasoline inventories fell.
In currencies trading, the dollar index which tracks the value of the greenback against its major rivals, rose to near 88 overnight. It erased gains in recent trading, down 0.3% to 87.347. A rising dollar could put downward pressures on dollar-denominated gold prices.
