Friday, 12 Nov 2010

Gold drops below $1390

Crude for December delivery fell as much as $2.28, or 2.6%, to $85.53 a barrel in electronic trading on the New York Mercantile Exchange. Spot gold recently traded 1.5% lower on the New York close at $1,385.75 a troy ounce. It hit an intraday low of $1,377.93 a troy ounce earlier today.

The yen advanced against its major counterparts as stocks declined amid reports showing German and French growth is slowing. The pound weakened against the dollar and yen as data showed U.K. consumer confidence fell to a 19-month low, boosting demand for the currencies as a haven. The pound fell 0.5% to 1.6039, paring two days of gains. The GBP is currently at 131.80 versus the yen and 85.25 pence versus the euro.

The yen rose to 82.13 per dollar from 82.49. The euro fell to $1.3622 from $1.3667. It earlier fell to $1.3574, the weakest since Sept. 30.