Oil distracts as gold plunges below $800

Oil concerns have distracted attention from what could prove a much longer-term gold price plunge, wi...

Oil concerns have distracted attention from what could prove a much longer-term gold price plunge, with related vehicles losing nearly 20% in the last month. Gold spot prices fell below $800 an ounce for the first time this year on Friday after reaching an all-time high of $1,030.80 in March. The main driver of the falls is a strengthening US dollar - the currency reached a seven-month high on Friday last week, drawing speculator attention away from precious metals. BlackRock’s £1.56bn Gold and General fund fell 19.7% over one month to 13 August, according to Morningstar. Investec’s ...