Gold up in futures trading as dollar dips

Date: 29 July 2010, 18:53
 
The price of gold has risen after the dollar slipped to a three-month low against six of its global counterparts.
Alt News Text The price of the precious metal has climbed
 

A fall in the value of the dollar has caused the price of gold to climb in value during futures trading in New York today (July 29th).

By 11:14 local time, the precious metal for delivery in December had added 0.4 per cent on the Comex division of the New York Mercantile Exchange, taking it to $1,166.50 (£747.27) per ounce.

The US currency was down to a three-month low against six of its major global counterparts and Frank Lesh of FuturePath Trading told the news agency: "The dollar's getting whacked pretty good - and that's helping gold".

Earlier in the week, gold climbed after demand for physical billion among investors rose.

A report suggesting the employment market in the US is likely to recover from the economic downturn slowly prompted the drop in the dollar, which was down by as much as 0.9 per cent against the euro.

The European currency reached $1.31, a high not reached for almost three months.

Posted by Gareth Mann
 
 
 

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