Gold Declines on Profit Taking
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NEW YORK — The price of gold plummeted Wednesday as investors took profits on gains made when gold rose sharply on Tuesday in response to political turmoil in the Philippines and other factors.
The U.S. dollar generally edged lower as traders digested further comments by Federal Reserve Board Chairman Paul Volcker that he did not necessarily oppose a further drop in the dollar, although too great a fall could be dangerous.
Gold had shot up as much as $12 an ounce Tuesday in Europe, as forces loyal to Corazon Aquino seized power in the Philippines and former President Ferdinand Marcos fled the country.
Analysts also said news of strikes at some South African gold mines and unconfirmed rumors of a strike at a Peruvian silver mine helped to bolster precious- metals prices.
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