Gold Drops Sharply; Dollar Declines
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NEW YORK — Gold fell sharply, up to $12 an ounce, in moderately active U.S. trading Monday, as plummeting oil prices made higher inflation even less likely any time soon. The dollar fell hard against the Japanese yen, but the decline was exaggerated by thin trading, dealers said. And, the dollar was up against other major foreign currencies.
Financial markets in Europe and Hong Kong were closed for the Easter holiday.
Gold was quoted at $332 an ounce at 4 p.m. EST at Republic National Bank, down $11 from Thursday’s late bid. There was no gold trading on Good Friday. On the Commodity Exchange here, gold for current delivery fell to $331.10 an ounce, down $12 from Thursday’s close. Silver fell 40 cents to $5.13 an ounce on the Comex.
The drop in gold was the largest since the precious metal fell $15.20 an ounce on March 20, 1985.
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