Gold falls for third day in a row on hopes of EU moves
Published 17/09/2011 | 05:00
GOLD fell yesterday for a third day in a row for the biggest weekly loss since May.
The fall was put down to an easing of concerns about Europe's debt crisis.
Demand for the precious metal is driven by fears about economic uncertainty.
Bullion for immediate delivery fell as much as 1.5pc to $1,762.68 an ounce, the lowest level since August 26.
And the price has tumbled almost 5pc this week, the worst decline since February 2009.
Gold bullion is in the 11th year of a bull market.
It has surged by 24pc this year alone, amid worries that the global sovereign-debt crisis was worsening.
The price of gold reached a record $1,921 on September 6.