Gold prices plunge below $900 per ounce (AP) (02-04-2008)

NEW YORK (AP) -- Gold prices fell sharply on Tuesday, dropping below $900 as investors diverted funds into stocks on the hope that the credit crisis, which has been pressuring the U.S. economy may be coming to an end.

Other precious metals also dropped, with platinum plunging more than $100 and silver and copper also trading lower.

The losses followed Wall Street’s rally into the second quarter, signaling new optimism that the credit crisis that has roiled global markets and slowed the U.S. economy may finally be easing. The Dow Jones Industrials jumped more than 300 points.

Gold for June delivery plunged $30.80 to $890.70 an ounce on the New York Mercantile Exchange, after earlier falling as low as $876.30 - its lowest level in nine weeks.

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 Source: AP