Commodities: Gold slumps back down
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Gold prices slumped back down from the $900 mark, falling nearly $20 an ounce as investors rushed to take profits.
The dollar's sharp gains against other major currencies also had an impact on gold, which fell $19.40 to $882 an ounce.
India's Bombay Bullion Association said imports of gold to the country in 2007 could have fallen by 20% because of the high prices.
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Sliding energy prices were also hitting the precious metal as a barrel of oil slid $1 to $90.84 on news that crude inventories jumped.
The Energy Information Administration said crude oil supplies rose by 4.3m last week against expectations of 600,000 barrel rise. Distillate supplies rose 1.1m barrels and gasoline stocks climbed 2.2m barrels.
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