Gold Prices Sink to a 5-Year Low
Gold Is 'Alternative Currency' in Some Ways, Trauner Says
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Gold has no appeal as a commodity or alternative to currencies, Macquarie Group Ltd. said on Friday, renewing the selloff that’s driven prices to a five-year low.
Futures for August delivery slid 0.8 percent to settle at $1,085.50 an ounce at 1:43 p.m. on the Comex in New York, after touching $1,072.30, the lowest for a most-active contract since February 2010. The metal dropped 4.1 percent this week, the most since October. Trading volume was 95 percent above the 100-day average for the time of day.