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Gold firms as dollar slides to one-month low
Posted By MarleighJones On June 7, 2011 @ 9:22 am In Economic Crisis | Comments Disabled
June 7, 2011
Gold firmed on Tuesday as the dollar slid to a one-month low against a basket of currencies after warnings from a Chinese foreign exchange official of the risks of holding too many dollars.
Spot gold was bid at $1,545.29 an ounce at 1406 GMT against $1,543.05 late in New York on Monday, having earlier risen as high as $1,550. U.S. gold futures for August delivery fell 60 cents an ounce to $1,546.60.
Pradeep Unni, senior analyst at Richcomm Global Services, said soft U.S. economic data last week had raised questions over the possible extension of quantitative easing.
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