BS:Gold falls to six-week low as strengthening dollar curbs demand
Gold today fell to a six-week low on speculation that a stronger dollar will curb demand for an alternative investment.
The yellow metal fell by 1% to $1,712.02 an ounce, the lowest since September 7. Silver also slid 1.8% to $31.82 an ounce, the lowest since September 3.
The US Dollar Index, a measure against six major trading partners, climbed to a one-week high. Bullion erased gains made after the Federal Reserve announced a third round of debt-buying on September 13.
The Fed concludes its meeting tomorrow. Stimulus measures taken by central banks from Europe to China helped drive gold to a 10-month high of $1,796.05 on October 5.
The Bank of Japan next week is likely to announce its policy decision and issue revised economic projections for the 2012 and 2013 fiscal years and its first set of forecasts for 2014.
Japan's Economy Minister Seiji Maehara, who has been calling for more action from the central bank, said today he may attend the BoJ's next meeting on October 30 if his schedule permits.
Maehara was present at the previous gathering ended October 5, the first minister to do so for more than nine years. (Bloomberg) RS SUN KPS RAH
