Gold Rises in N.Y. on Speculation Dollar’s Rally May Stall

Pham-Duy Nguyen
Bloomberg
March 24, 2008

March 24 (Bloomberg) — Gold rose in New York on speculation the dollar’s advance against the euro will stall. Silver increased.

The euro climbed as much as 0.2 percent against the dollar before paring gains. The euro slumped 1.6 percent last week versus the U.S. currency, while gold tumbled 8 percent after reaching a record $1,033.90 an ounce on March 17.

“Gold is looking to the dollar for direction,” said Frank Lesh, a trader at FuturePath Trading LLC in Chicago. “All these funds that invested in commodities need to figure out if they’re coming back in or selling more.”

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