Gold Rises, Halting 3-Day Decline, as Dollar Falls Against Euro
Source: Bloomberg (3/6/07)
Gold rose, halting a three-day sell- off, on expectations a decline in the dollar against the euro will revive demand for the metal as an alternative investment.
The U.S. currency dropped more than 20 cents against the euro today. Gold had fallen 4.9 percent since Feb. 28, as some investors sold the metal to cover losses as global stock markets slumped. The dollar had climbed 1.1 percent during that period...
Gold for immediate delivery gained $9.50, or 1.5 percent, to $646.10 an ounce at 11:27 a.m. London time, the biggest gain since Feb. 21. Earlier, prices had dropped to $632.80, the lowest since Jan. 22.