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Gold climbs as dollar slides, oil jumps

Posted By admin On September 20, 2008 @ 9:00 am In Economic Crash in Focus | Comments Disabled

Jan Harvey
Reuters
September 20, 2008

Gold rose almost 2 percent on Friday, recovering from earlier losses, as the dollar slipped sharply versus the euro and oil rallied more than $7 a barrel.

Gold slipped more than 3 percent earlier in the session after the U.S. government said pledged $50 billion to guarantee money-market mutual funds, curbed short-selling and crafted a sweeping plan to mop up toxic mortgage debt, sending global stock markets soaring.

However, a turnaround in the foreign exchange markets that sent the euro to session highs against the dollar, coupled with a sharp rise in the oil price, helped the metal rally to a day high of $868.65 per ounce.

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