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Gold Plunges Most Since 2008, Treasuries Fall as Stocks Advance

Wednesday, 24 Aug 2011 02:48 PM

Aug. 24 (Bloomberg) -- Gold fell the most since 2008 and Treasuries dropped as U.S. stocks and the dollar gained after reports on durable-goods orders and home prices beat estimates. Rates on Greek two-year note soared to the highest level since the euro was introduced.

Gold futures slumped 5.2 percent to $1,764.40 an ounce at 1:18 p.m. in New York. Prices surpassed $1,900 for the first time ever this week. Treasuries dropped, driving yields on 10- year notes up 10 basis points to 2.25 percent. The Standard & Poor’s 500 Index climbed 0.3 percent to 1,165.76, building on yesterday’s 3.4 percent surge. The U.S. currency gained versus 16 major peers, and the Dollar Index rallied 0.2 percent after declining 0.3 percent.

Stocks swung between gains and losses, with the S&P 500 ranging between a 1.1 percent advance and a 0.5 percent decline, as trading was swayed more than usual by price levels watched by analysts as investors await a speech on Aug. 26 by Federal Reserve Chairman Ben S. Bernanke. Gold retreated amid speculation financial markets are stabilizing.

--Editor: Nick Baker

To contact the reporters on this story: Jeff Sutherland in New York at jsutherlan13@bloomberg.net; Rita Nazareth in New York at rnazareth@bloomberg.net

To contact the editor responsible for this story: Nick Baker at nbaker7@bloomberg.net

© Copyright 2017 Bloomberg News. All rights reserved.

   
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Aug. 24 (Bloomberg) -- Gold fell the most since 2008 and Treasuries dropped as U.S. stocks and the dollar gained after reports on durable-goods orders and home prices beat estimates. Rates on Greek two-year note soared to the highest level since the euro was introduced....
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Wednesday, 24 Aug 2011 02:48 PM
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