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Gold loses year's gains as Europe crisis boosts dollar


GOLD erased its gains for this year in New York and London as concern that Europe's debt crisis is deepening strengthened the dollar and cut gold's appeal as an alternative asset. Other precious metals declined.

"It's all dollar driven," Bernard Sin, head of currency and metal trading at bullion refiner MKS Finance in Geneva, said. "The market is under tremendous pressure with talk of Greece exiting the eurozone. For the time being, gold doesn't look like a safe haven."

The metal rose as much as 14pc in New York this year after it advanced for 11 consecutive years. Right, traders dealing yesterday on the London Metal Exchange (LME), which is owned by 70 of its 92 members, including Goldman Sachs, JPMorgan Chaseand UBS. Jason Alden/Bloomberg

Irish Independent