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News // Metal market

Gold Futures Eased Affected by Oil Prices

02 September 2008 , 09:561133
Gold futures dropped for a second session in London following the crude oil prices, reducing demand for the precious metal as a hedge against inflation.

Crude oil fell, reversing earlier gains on a forecast that Hurricane Gustav is unlikely to intensify in the Gulf of Mexico before striking land.

The metal for immediate delivery fell $US3.97, or 0.5%, to $827.18 an ounce in London. Futures for December delivery were unchanged at $US835.20 an ounce in after-hours electronic trading on the Comex division of the New York Mercantile Exchange.

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