TARNISHED GOLD Remember when gold was a refuge? No more. Amid the gyrations of world equity markets, investors have shunned the yellow metal. They did drive the price down on Oct. 24, when the Swiss National Bank announced it might sell some reserves, in part to fund payments to Holocaust victims. But when markets fell on Oct. 27, gold barely moved. ''Gold is not a glittering long-term play,'' says Fred Demler, mineral economist at ED&F Man, who sees it rising no higher than $325 an ounce anytime soon. EDITED BY KELLEY HOLLAND RELATED ITEMS CHART: Dec. '97 Gold Futures Dollars Per Ounce

Updated Oct. 30, 1997 by bwwebmaster
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