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Wednesday, October 21, 2009
Gold Turns Higher As Dollar Sinks Against Euro
By Laura Mandaro
MarketWatch Pulse
SAN FRANCISCO -- The most active gold contract reversed higher Wednesday as the U.S. dollar dropped and oil prices gained. Gold for delivery in December added 80 cents to trade at $1,059.40 an ounce. The U.S. dollar, which had been firmer earlier, slipped to a 14-month low against the euro as appetite for stocks and other risky assets favored the higher-yielding European unit. The euro rose to $1.50, a psychologically important level. Jon Nadler, a senior analyst with Kitco Bullion Dealers, said the level is a "pivot point that may force more language from policymakers" on the strong dollar. The thinly traded October gold contract was down $10.30 at $1,047.50 an ounce.
Copyright © 2009 MarketWatch, Inc.
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