Gold Prices Fall, Close Below $900 An Ounce

By: Associated Press Email
By: Associated Press Email

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Tuesday, April 28, 2009

Gold prices are lower as fears of a global swine flu pandemic rattle commodities markets.

Oil and other metals have also fallen, while agriculture futures are up slightly.

Investors are trading commodities cautiously this week as the swine flu spreads. The fear is that a major outbreak could prolong the global recession and depress demand for basic materials.

Evidence of soft demand in India during the country's festival season, a traditional time of gold-buying for gifts and investment, is also hurting gold prices, analysts say. India is one of the world's biggest gold consumers.

Gold for June delivery lost $14.60 to settle at $893.60 an ounce on the New York Mercantile Exchange.

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