Business | Markets
Gold hits one-week high as dollar falls
Gold hit a one-week high on Friday on a weaker dollar and firmer oil prices, while platinum hovered near record highs, analysts said.
- Reuters
- Published: 00:23 December 22, 2007
London: Gold hit a one-week high on Friday on a weaker dollar and firmer oil prices, while platinum hovered near record highs, analysts said.
Market talk that AngloGold Ashanti, the world's third biggest gold producer, might partly close its hedge book also supported the metals market, analysts said.
Gold fell to $795.30 over-night then rose to $812.20. It was $811.05/$811.75 by 1450 GMT against $797.30/$798.00 in New York on Thursday, when it hit a low of $793.20.
AngloGold's new CEO Mark Cutifani told Reuters last month that it was reviewing its operations with a view to disposing assets that do not add value, and also might "lighten" its hedge book.
Meanwhile, the euro and pound reversed their slide against the dollar yesterday following a report that Merrill Lynch could get a big cash infusion from Singapore's Temasek.
The 13-nation euro bought $1.4382 in afternoon European trading, up from $1.4323 in New York late on Thursday.
The pound rose to $1.9847 from $1.9814, but the dollar gained on the Japanese currency, rising to 113.74 yen from 113.05 yen.
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