Money Matters - Simplified

Gold shifts lower as dollar gains

New York -- Gold prices fell sharply Wednesday in New York, losing $26.10 or 1.8 percent, as equities scratched out slim gains and the dollar continued to rise.

The Dow Jones industrial average held its ground, adding 13.32 points or 0.12 percent. The Standard & Poor's index fared slightly better, gaining 0.37 percent, 4.53, to 1,228.28.

The dollar index, which rose 0.5 percent in the previous trading session, rose 0.17 percent Wednesday.

On the Comex division of the New York Mercantile Exchange gold dropped to $1,382.60 per troy ounce. Crude oil prices for January delivery lost 12 cents to $88.57 per barrel.

The euro fell to $1.3262 from Monday's $1.3274. Against the yen, the dollar rose to 84.02 yen from Monday's 82.66 yen.

The Australia dollar fell to $0.9788 from $0.984. Against the Hong Kong dollar, the U.S. standard rose to 7.7666 HKD from 7.7626 HKD.

The dollar rose to 1,142.50 South Korean won from 1,132.50 won. Against the Canadian dollar, the greenback fell to 1.0107 from 1.0114.

Copyright 2010 United Press International, Inc. (UPI).

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