Gold retreats as oil stopped its rally

Fundamental Analysis for Precious Metals

02 January 2009 @ 10:49 am EDT

The precious metal retreated after hitting a high of $886.85 in early 2009's thin trading as oil stopped Wednesday's rally. The relationship between gold and oil was very high especially in the last weeks of 2008. On the other hand, the U.S. dollar strengthened against majors reducing the gold's appeal as a hedge against the falling dollar. However, grim U.S. data and bad outlook could ignite fears and give gold some safe-haven allure.

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