Metals Update: Gold Trades Below $800 As Dollar Entices Bulls
Gold Action: Gold traded below $800 for the first time since December 2007, with price falling to $774.90 lows. Falling oil prices and broad based dollar demand was the catalyst for heavy unwinding across precious metals. Gold fell $30 on the session, trading inside $774.90-$805.50 trading range. A number of leading investment houses have turned bullish on the dollar and this has depressed the commodity market. Goldman Sachs cut its three month gold forcast to $745 from $890 previously.