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NEW YORK, MAKE MONEY BLOG $ - gold price movements in trading Thursday (20/09/2012) in New York look down. One reason is the U.S. dollar posted the greatest courage in the majority of the seven-week low against major world currencies.
This condition causes a decrease in demand for gold as an alternative investment.
Bloomberg data show, at 13:47 pm London time, the price of gold futures for December delivery fell 0.1 percent to 1770.20 U.S. dollars per troy ounce on the Comex in New York. The price of gold is not much change in this week's record.
By contrast, the U.S. dollar might reach 0.5 percent and towards strengthening its best since August 1. Strengthening the green came after data showed the contraction to the lowest level in 39 months in the service industry and European manufacturing production levels in September.
"Dollar suppress the gold price. We saw some movement consolidation at current levels," said Frank McGhee, head dealer of Integrated Brokerage Services LLC in Chicago. (Barratut taqiyyah / Cash)
Sources; KOMPAS.com
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