Sign up to create alerts for Instruments,
Economic Events and content by followed authors
Free Sign Up Already have an account? Sign In
Quotes
All Instrument Types
- All Instrument Types
- Indices
- Equities
- ETFs
- Funds
- Commodities
- Currencies
- Crypto
- Bonds
- Certificates
Please try another search
🌊 NVIDIA ripple effect: Track AI stocks' response to chip giant's earnings
Explore AI Stocks
Gold dived to the lowest since 2007!
www.investing.com/analysis/n%C3%A3o-tenho-bola-de-cristal-10503
Gold dived to the lowest since 2007!
By | Sep 09, 2008 08:00PM ET Gold prices dived to the lowest, prices that have not been seen since October 2007 and actually the decline in oil prices is the major factor that should be blamed for pulling down gold prices and eroding its appeal of a hedge against inflation. Still, today the precious metal started to incline but slightly as the green currency lost some ground in the market and since crude prices increased having the gold so far record a high of $780.25 an ounce.
Crude prices inclined a little supporting gold to do the same as OPEC finally approved to cut the amount of oil supplied by about 520, 000 barrels per day for at least two months resulting in crude jumping more than a dollar. Up till now, oil prices opened at $102.20 a barrel recording a high of $104.67 a barrel and a low of $102.06 a barrel making the crude contract slightly gain by $0.33 a barrel.
The green currency fell against majors in the market as carry trading transactions are taking place, due to the fall in the stock markets yesterday after Lehmann Brothers has been downgraded by Standard & Poors adding more worries concerning the financial markets and institutions as they fear the incapability of Lehmann Brothers to provide liquidity, having investors buy high-yielding assets as the euro and the royal pound and since crude prices inclined reducing the appeal of the dollar and consequently favoring the swapping of investments from the green currency to the commodities oil and gold.
Related Articles
Oil rises to $48 a barrel on Mideast tensions
By Finotec - Jan 04, 2009
mounting evidence of OPEC's compliance with deep production cutsOil prices rose nearly 3 percent on Monday after an Iranian military commander reportedly called for an oil boycott...
Gold dived to the lowest since 2007!
Add Chart to Comment
Confirm Block
Are you sure you want to block %USER_NAME%?
By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.
%USER_NAME% was successfully added to your Block List
Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.
Report this comment
I feel that this comment is:
Comment flagged
Thank You!
Your report has been sent to our moderators for review
Add a Comment
We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
Enrich the conversation, don’t trash it.
Stay focused and on track. Only post material that’s relevant to the topic being discussed.
Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.