Gold ploughs on weaker oil and firmer dollar

30 July 2008 @ 12:17 pm EDT

Gold tumbled almost 3 percent to a five-week low below $900 an ounce on Wednesday as a stronger dollar, weaker oil and receding inflation fears prompted a sell-off.

Gold dipped to $894.30/895.30 an ounce at 1349 GMT from $918.80/920.30 an ounce late in New York on Tuesday. Earlier in the session it slipped as low as...

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