By Gavin Evans
Sept. 10 (Bloomberg) -- Gold dropped to the lowest in more than 10 months in Asia as a declining oil price reduced demand for the metal as a hedge against inflation.
Bullion for immediate delivery fell as much as $9.60, or 1.2 percent, to $767.65 an ounce, its lowest intraday price since Oct. 25. It last traded at $768.21 at 9:50 a.m. Sydney time.
Gold futures for December delivery lost as much as 2.7 percent to $770.70 an ounce on the Comex division of the New York Mercantile Exchange, also the lowest since October. The contract last traded at $772 an ounce.
To contact the reporter on this story: Gavin Evans in Wellington at gavinevans@bloomberg.net
Wednesday, September 10, 2008
Gold Falls to Lowest Since October on Oil Decline, Outlook
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