Gold dead ?

Posted on March 21st, 2008 by Jamy

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Gold Tumbles as Fed Cuts U.S. Interest Rate Less Than Expected By Pham-Duy Nguyen

March 18 (Bloomberg) — Gold futures tumbled as much as 2.7 percent after the Federal Reserve lowered U.S. interest rates less than some investors anticipated, bolstering the dollar and reducing the appeal of the precious metal.

The Fed cut its benchmark overnight-lending rate by 0.75 percentage point to 2.25 percent. Before the announcement, gold rallied 39 percent since mid-September after five rate reductions sent the dollar tumbling. The euro climbed to a record yesterday versus the dollar, and gold reached $1,033.90, the highest ever.

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