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Finotec News Archive - May 13 2008

Gold slips as oil prices start to fall

Gold prices fell, as a pause in oil’s rally prompted profit taking, analysts believe

Joana Fonseca
13 May 2008

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Gold prices fell, as a pause in oil’s rally prompted profit taking, analysts believe. Gold traded at $877.50 at 7:00am GMT. Stronger Dollar also helped pushed the Gold down, as they have an inverse relation. “It is a little bit of profit taking”, said analyst James Moore at Thebulliondesk.com. “I think for now we’re going to remain mixed, broadly sideways between $860 to $890.”

Finotec Analysis Team
13 May 2008

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