FXS: Precious metals slide as dollar strengthens, oil slips
LONDON, Oct 24 (Reuters) - The precious metals tumbled on Friday as the euro weakened sharply against the dollar, with investors seeking safety in the U.S. currency after a slide in the equity markets.
A more than $2 a barrel slide in U.S. crude oil prices to 16-month lows is also denting gold's appeal as an inflation hedge, dealers said.
Spot gold extended losses to fall 4 percent to a session low of $690.30, its weakest level since September 2007. At 0839 GMT it was quoted at $692.25/694.75 an ounce against $720.00 in late New York trade on Friday.
Spot platinum dropped nearly 5 percent to $762.50, and was later quoted at $767.50/787.50, against $802.50 in New York. Silver fell 8 percent to a session low of $8.85, before recovering to $8.94/9.04 an ounce against $9.66.
(Reporting by Jan Harvey; editing by Anthony Barker) Keywords: PRECIOUS FALL
