Gold Rises Sharply, Boosted by Dollar Weakness

July 12th, 2007

UPDATE: U.S. Dollar Index Crosses Below 80.50

I know most of you aren’t following the dollar crash closely, but another key support has been taken out here.

— End Update —

* yawn *

Via: Market Watch:

Gold futures rose sharply Thursday, as the dollar fell to new lows against the euro and the sterling, underpinning investment demand for the precious metal.

Gold for August delivery gained $6.80, or 1%, at $668.90 an ounce on the New York Mercantile Exchange.
“The reliable combination of a rise in energy prices plus a renewed decline in the U.S. dollar sent gold prices right back to the top of their recent trading range early on Thursday,” said Jon Nadler, analyst at Kitco Bullion Dealers, in a research note.

On the currency markets, the dollar fell to a new record low against the euro and a 26-year trough against the British pound Thursday, continuing its recent slide on fears over the U.S. subprime-mortgage market and potential economic weakness.

…

Besides dollar weakness, soaring crude-oil prices also boosted sentiment on the gold market. Crude oil for August delivery was last up 70 cents at $73.26 a barrel in electronic trading.

Posted in Economy | Top Of Page

3 Responses to “Gold Rises Sharply, Boosted by Dollar Weakness”

  1. SW says:
    July 12, 2007 at 7:39 pm

    Its fascinatingly interesting and scary watching all this unfold.

    Tick tock.

  2. Eileen says:
    July 13, 2007 at 4:11 am

    From Solari.com.Speaks for me.

    http://www.321gold.com/editorials/hamilton/hamilton070907.html

  3. ctg says:
    July 13, 2007 at 8:58 am

    I don’t understand why people don’t buy other valuables, like for example gemstones. My girlfriend invest most of her extra income in gemstones that she gets from gemstv (NO MIDDLE-MAN). Thing is that gems retain value in better way then fluctuated gold.

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