Wednesday, June 3, 2009

Today in Gold: Wednesday, June 3

Each weekday, Cash4Gold will troll through the web's gold banter and post some of the bigger or more interesting stories. Following is a run-down of today's features:

"Gold prices fall sharply as dollar rebounds"
Author: Sara Lepro

Main Points: Gold dropped sharply today, falling $18.80 to finish at $965.60 an ounce. Meanwhile, the US dollar rebounded against the Euro and British pound.

Much of today's activity was in reaction to comments from Federal Reserve Chairman Ben Bernanke, who played down the threat of inflation and expressed concern over the country's massive debt load.

Analysis: Gold continues to be quite unpredictable on a day-to-day basis. The price of gold dropped during only five sessions in May, and two of those drops were less than $1.50. After being relatively flat the first two days of June, the bottom falls out today.

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