Gold Future Rises as Dollar Falls; Silver Gains
Source: Bloomberg (8/21/07)
Gold rose in New York after the dollar fell against the euro, strengthening the appeal of the precious metal as an alternative investment. Silver also gained.
The dollar fell against the euro and yen as traders increased bets the Federal Reserve will reduce its overnight lending rate between banks. Gold has gained 4.7 percent this year while the euro has climbed 2.2 percent against the dollar in the same period."You've got the dollar a little lower, so gold is a little higher," said Leonard Kaplan, president of Chicago-based Prospector Asset Management. "It's going to be quiet today."