Business | Markets
Gold steady above $931 as dollar retreats
Gold rose on Friday, steadying above $931 (Dh3,417) per ounce as the dollar lost ground versus the euro, with deeper concerns over the US economic outlook also underpinning the metal.
- Reuters
- Published: 23:26 July 3, 2009
London: Gold rose on Friday, steadying above $931 (Dh3,417) per ounce as the dollar lost ground versus the euro, with deeper concerns over the US economic outlook also underpinning the metal.
Spot gold stood at $932.65 by 1109 GMT, up from $928.65 late Thursday in New York. Earlier it rose to $933.50.
After a week of tracking a volatile dollar, gold is on track for a 0.6 per cent fall on the week, retreating further from a four-month high near $990 hit in early June.
The precious metal found support above $931 after falling on Thursday, when weaker-than-expected US non-farm payroll data sent investors piling into the relative safety of the dollar.
Dollar moves have recently proved influential in determining immediate interest for bullion from foreign investors, but the bleak jobs data and other mixed economic indicators have highlighted gold's core appeal as a harbour from risk.
The US currency lost some ground against a basket of six currencies but remained broadly positive yesterday, with US markets closed ahead of Independence Day.
Bearish sentiment in the wake of weak unemployment data from the United States and Europe on Thursday weighed on other commodities, dragging crude below $67 per barrel.
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