Gold Price Drops

(MENAFN- Arab Times) Gold prices have taken a downward path along with the US dollar following positive US economic reports. The gold dropped 0.2 percent to $1,112.36 per ounce, and also fell in American forwards for December by 0.3 percent upon settlement, at $ 1,112.70 per ounce.

The precious metal's downward trend followed positive American reports, namely with respect of industrial growth, the highest in eight months, amid record hike of auto manufacturing, thus fuelling speculations that the American economy will recover in the year's third quarter.

Its series of losses stopped after China devalued the currency, the yuan, amid a blurry atmosphere on the international markets, where investors looked anew at the gold as a safe haven.