Gold Gains as Dollar at 2-Year Low Versus Euro; Silver Drops

Source:

"Gold will have a pop higher today,"James Moore, a precious-metals analyst with TheBullionDesk.com, said in an interview. "The U.S. trade deficit has been a substantial figure for quite some time now, and it keeps on getting larger," pushing the dollar lower and gold higher, he said.

Gold gained in London as the dollar slumped to the lowest versus the euro in two years, prompting some investors to buy the metal as an alternative investment.

The dollar declined on speculation government data today will show a widening U.S. trade deficit. The deficit grew to $60 billion in February from $59.1 billion the previous month, according to a Bloomberg News survey. Gold and the dollar often trade in opposite directions. Last year, bullion climbed 23 percent while the U.S. currency slid 11 percent.

"Gold will have a pop higher today,"James Moore, a precious-metals analyst with TheBullionDesk.com, said in an interview. "The U.S. trade deficit has been a substantial figure for quite some time now, and it keeps on getting larger," pushing the dollar lower and gold higher, he said.

Related Articles

Get Our Streetwise Reports Newsletter Free

A valid email address is required to subscribe