Thursday, July 26, 2007

Gold Falls on Concern Housing Report Signals Slowing Economy; Silver Falls

(Bloomberg) -- Gold fell from a three-month high in
New York on concern U.S. economic growth will slow, reducing
demand for precious metals as a hedge against inflation. Silver
futures also declined.

Purchases of new homes fell 6.6 percent in June, more than
economists predicted, and orders for durable goods unexpectedly
fell for a second month, the Commerce Department said today. Some
investors buy gold to preserve purchasing power in times of
accelerating price increases.


Read more at Bloomberg Commodities News

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