Gold prices drop three days straight
Stacey Vanek-Smith: Gold prices are down more than $2 this morning $1,712 an ounce for gold. The price has been climbing for months on worries of a double dip recession and the European debt crisis. But now, gold’s on its longest losing streak in more than a year.
Marketplace’s Nancy Marshall Genzer has more.
Nancy Marshall Genzer: Gold prices have fallen 10 percent over the past three days.At the beginning of this month, prices touched record highs of more than $1,900 an ounce. So far, no one is saying the party’s completely over. Instead, it appears traders have temporarily driven down the price, by cashing in on the rally.
Suki Cooper is a precious metals analyst at Barclays. She says gold hasn’t lost its luster. Prices are still up six percent this month, and they’re up 22 percent so far this year.
Suki Cooper: We’ve seen a broad base of investors trend to gold as a safe haven. And there’s very few alternatives at the moment in terms of where investors are feeling comfortable.
Cooper says investors are worried about the U.S. and European economies, and they’re keeping an eye on inflation in China — so gold is still looking pretty good.
In Washington, I’m Nancy Marshall Genzer for Marketplace.
Stories You Might Like
There’s a lot happening in the world. Through it all, Marketplace is here for you.
You rely on Marketplace to break down the world’s events and tell you how it affects you in a fact-based, approachable way. We rely on your financial support to keep making that possible.
Your donation today powers the independent journalism that you rely on. For just $5/month, you can help sustain Marketplace so we can keep reporting on the things that matter to you.
