Gold Declines From Record as Energy Costs Ease, Dollar Rebounds
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Gold fell from a record as declining energy prices and a rebound by the dollar eroded the appeal of the precious metal as an alternative asset and inflation hedge.
Crude oil dropped as much as 2 percent on speculation that members of the Organization of Petroleum Exporting Countries will hold an emergency meeting to discuss ways to make up for lost output from Libya, where rebels are fighting government forces. The dollar rose against a basket of six major currencies, and equities rallied.