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Gold Dips Below $900 as Paulson (Almost) Admits Recession, Bond Yields Drop, Inflatio
Gold Dips Below $900 as Paulson (Almost) Admits Recession, Bond Yields Drop, Inflation Threat Grows
THE SPOT PRICE OF GOLD gave back an overnight rally to $905 per ounce early in London on Thursday, slipping $10 per ounce as the US open drew near.
Government debt prices ticked higher, pushing US bond yields further below the rate of inflation, as Asian stock markets closed higher but Wall Street futures pointed lower after US Treasury secretary Hank Paulson finally admitted that "we need to have this correction."
"There is no doubt we're having a tough quarter," Paulson said to reporters in Beijing today. "The economy has turned down sharply.
Paulson remarks turned European stocks sharply down, reversing an earlier gain to put the FTSE100 some 0.5% lower by lunchtime in London.
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