Investors embracing the dollar as metals lose their lustre

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With the oil price tumbling even as war breaks out in a politically sensitive area, investors appear to be switching into the US dollar and away from gold, silver and other precious metals.
Overnight, oil slid again on world markets, down as low as $112 a barrel in New York at one point. It hit a peak of $147 just a few weeks ago.

Gold, silver and platinum fell to their lowest in seven months. Gold was down nearly 3% to $802.34 an ounce, while the other metals had similar falls.

The oil price has retreated as demand fell in the face of soaring prices. With the economy biting, US motorists have been unusually careful with their use, a surprise to some oil investors.

Goldman Sachs still expects a rising oil price in the near term, predicting it will be back towards $150 in a year from now. In London, Brent crude fell 78 cents to $112.04 a barrel.

US commodities bull Jim Rogers told the Wall Street Journal he thinks the latest falls are temporary. "I've been hearing the commodities bubble is dead for seven years," he said.

In turn, the US dollar has recovered. It staged its biggest gain against the euro for eight years on Friday. Today it slipped a cent to 1.9001 against the pound and 0.4 of a cent to 1.4861 against the euro.