Sunday, July 13, 2008

Gold dips as dollar steadies

Gold dropped a bit lower on Wednesday while the dollar steadied, lightly denting gold's universal appeal as a currency hedge. Gold fell to $972.40/973.40 an ounce from $975.90/977.90 an ounce late in New York. The increase in accumulating and buying of gold to be an alternative to the more unsteady and risky assets like stocks and the weak dollar has helped to raise gold to a four-month high of $987.75 on Tuesday. A recovery in the US currency early on Wednesday however, has slowed gold buying and is helping to keep a lid on fresh gains.

Among other precious metals, spot silver tracked gold higher to $18.84/18.89 an ounce from $18.86/18.93 late in New York. Platinum fell before pulling back to trade at $1,971.00/1,991.00 late in New York. The white metal has fallen by nearly five percent in the last month. Spot palladium fell to $439.00/447.00 an ounce from $440.00/448.00 late in New York.

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