Forex Top Story
10/26/2009 4:15 PM ET
(RTTNews) -
Gold prices fell on Monday as the U.S. dollar posted a notable rebound against the euro. The metal posted its lowest close since October 7.
December-stamped gold dropped to $1,042.80, down $13.60. Prices earlier hit as low as $1,038.10 after rising as high as $1,060.80.
The dollar climbed to an eight-day high against the euro after extending a 14-month low overnight. Lower global stocks sent traders toward the less-risky currencies.
There's was no major news on the economic front on Monday. Tomorrow, the Case-Shiller Home Price Index report is due at 9 a.m. ET. A drop of 11.9% is expected for August, compared to an increase of 13.3% in the prior month.
The Conference Board Consumer Confidence Index is expected at that same time. A reading of 53.5 is expected, compared to 53.1 in September.
Gold added $3.80 last week, rising for the fourth consecutive week. Earlier this month, gold hit a record $1,072.
by RTT Staff Writer
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