For the first time since the beginning of the credit crunch gold is no longer the safe investment of choice. Prices crashed at the end of this week following a resurgence of the US dollar following positive news about America’s unemployment situation.
On Friday 4th December the price gold fell by 5% to $1,161.4 an ounce.
American unemployment fell by 0.2% from October to November, which is seen as a small but very encouraging move in the right direction. Unemployment still stands at about 10% of the total workforce.
Current GBP – USD rates are : 1 British pound = 1.6429 U.S. dollars