Gold Rebounds above $1065 on Weak U.S Dollar
October 20th, 2009 Posted in Oil and Precious Metals
Gold gained on Tuesday, reversing an earlier loss, as the dollar dropped to a 14-month low against the EUR, fueling demand for the metal as an alternative investment.
While the dollar’s weakness made it almost certain gold would hit new records in coming days, some analysts said a lack of momentum in gold’s rise despite the dollar’s renewed decline on Tuesday suggests there is slight wariness about the risk of U.S. interest rates rising sooner than many think.
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