Thursday, January 7, 2010

Gold Slumps Back As Stock Market Cracks

Interest-rate-hike fears have pushed the Dow and S&P averages down about 0.3% as of the time of this post, and the NASDAQ down about 0.5%. Similar fears have aborted gold's rise to US$1,135/oz: as I write this post, spot gold's at $1,131.10 after bottoming just below $1,130. So far, the $1,130 floor has held.

Again, a rising greenback seems to be the proximate cause. After backing away from the 78 level, the U.S. dollar index is climbing somewhat.

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