A rebounding dollar, sinking commodity prices and a seasonal jewelry sales lull have sent gold prices into a virtual nosedive in the past month.The precious metal - the go-to commodity when investors fear that the sky is falling - has dropped $190, or 20%, since July 15, sinking below the $800 mark on Friday for the first time since December. Gold has risen in only two sessions in the past five weeks, including Monday, when it settled up $13.70 to $799.70.
Gold has fallen as the dollar soared in recent weeks to about its highest point against the euro since February.
Other commodities have also plummeted in the past month. Crude oil, for instance, has lost more than $34, or 23%, since setting a record on July 11. Corn prices have dropped about $3 after rising to about $8 a bushel in early July.
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