Gold May Rise on U.S. Interest Rate Outlook; Silver Gains
Source: Bloomberg (7/10/07)
Gold is up 3.8 percent this year while the euro has climbed 3.5 percent against the dollar.
Gold generally moves in the opposite direction of the U.S. dollar, which today traded less than 1 cent away from its record low against the euro. Gold is up 3.8 percent this year while the euro has climbed 3.5 percent against the dollar.
"The dollar doesn't look healthy and that should be the impetus behind the rise in gold," said Frank Lesh, a trader at FuturePath Trading LLC in Chicago.
Gold futures for August delivery fell 30 cents to $662.20 an ounce at 9:02 a.m. on the Comex division of the New York Mercantile Exchange. The metal rose 1.2 percent yesterday.