Gold fell in London as a decline in the price of crude oil may slow demand
Gold fell in London as a decline in the price of crude oil may slow demand for the metal as a hedge against inflation. Platinum climbed a second day.
The UBS Bloomberg Constant Maturity Commodity Index of 26 commodities is up 21 percent this year, heading for the sixth annual gain on rising prices for wheat, heating oil, crude oil, platinum and cocoa. Oil fell today on concern cash injections by central banks will fail to prevent an economic slowdown.
Gold for immediate delivery dropped $2.37, or 0.3 percent, to $811.11 an ounce as of 8:53 a.m. in London. The metal has gained 27 percent this year as oil has risen 50 percent.