Prospects for peace in the Middle East and concerns about an economic recession combined, analysts said, to depress the price of gold, which at presstime was sitting at US$366 per oz. in London. Gold rose to more than US$400 following Iraq’s invasion of Kuwait on Aug. 2. The price of oil also jumped considerably, topping US$40 per barrel in New York. Unlike gold, oil has managed to hang on to most of its gains, and was continuing to trade in the US$38 range.
Gold, which averaged US$382 in London for 1989, averaged US$386 during the first half of 1990.
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