Gold Futures Drop From Record in N.Y. on Libya Resolution Plan

Bloomberg reports that in New York, Gold plunged from a record after Venezuela offered to mediate a resolution to the unrest in Libya.

The market news is quoted as saying:

Prices reached an all-time high of $1,441 an ounce yesterday as turmoil in the Middle East boosted demand for a haven. The Arab League said it’s weighing an offer by Venezuelan President Hugo Chavez to mediate the civil conflict in Libya. Bullion futures gained the previous three days.

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