Business | Markets
Gold rises as dollar takes a dive
Gold rose from a two-month low in New York and London as the dollar weakened for the first time in six days, increasing the metal's appeal as an alternative investment.
- Bloomberg
- Published: 22:45 July 9, 2009
- Gold futures for August delivery gained $4.90, or 0.5 per cent, to $914.20 an ounce on the New York Mercantile Exchange's Comex division in New York.
- Image Credit: Gulf News Archive
London: Gold rose from a two-month low in New York and London as the dollar weakened for the first time in six days, increasing the metal's appeal as an alternative investment.
The US Dollar Index, a six-currency measure of the greenback's value, declined as much as 0.9 per cent on Thursday.
Gold futures, which typically move inversely to the currency, dropped as low as $904.80 (Dh3,320) an ounce on Wednesday, the lowest since May 6.
Gold "has traded higher this morning on a softer dollar," James Moore, an analyst at TheBullionDesk.com in London, said in a note.
"While gold is at risk to further pressure short-term, we expect the metal to find more substantial support below $900 an ounce."
Gold futures for August delivery gained $4.90, or 0.5 per cent, to $914.20 an ounce on the New York Mercantile Exchange's Comex division in New York.
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