In the News - Individual News Item: 26

26 November 1997 - International [Gold Price]

The price of gold closes below US$300 per ounce in London for the first time since early 1985. The price has been coming under downward pressure over the past year due to central bank selling resulting in increasing supply. Moreover, analysts believe US investment funds have been selling gold short (selling gold they do not own as they bet on the price falling).