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Gold Falls in London as Dollar Strengthens, Crude Oil Declines 。
Gold fell for the first time in three trading sessions in London as the dollar strengthened and crude oil declined, diminishing the appeal of the metal as a hedge against weakness in the U.S. currency.
Platinum also plunged.
The dollar index, measuring the currency against six counterparts, rose for a second consecutive session. The relationship between gold and the euro-dollar exchange rate has strengthened this year, with a correlation of 0.6, compared with 0.53 a year earlier. A reading of 1 would mean they move in lockstep. Oil fell after OPEC deferred a decision on output.
The metal advanced 13 percent in November, the most since 1999. |
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