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Gold May Advance Toward $1,000 as Weakening Dollar Spurs Demand

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Nicholas Larkin
Bloomberg

Monday, Sept 7th, 2009

Gold, little changed near a six- month high in London today, may rise toward $1,000 an ounce as a weakening dollar increases the metal’s appeal as an alternative investment. Silver climbed to a 13-month high.

The dollar slipped as much as 0.4 percent against the euro as a report showed European investor confidence increased for a second month in September. Gold tends to rise when the greenback weakens. Bullion last surpassed $1,000 on Feb. 20.

“The underlying factor is still the dollar,” Dan Smith, a Standard Chartered Plc analyst in London, said by phone today. “If we do see a break in the dollar, it could be one of the triggers to take gold higher.”

Immediate-delivery bullion lost $1, or 0.1 percent, to $993.40 an ounce by 1:46 p.m. in London, erasing a gain of as much as 0.3 percent. The metal jumped 4.1 percent last week, the most since April. December gold futures slipped 0.2 percent to $994.70 an ounce in electronic trading on the New York Mercantile Exchange’s Comex division.

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This article was posted: Monday, September 7, 2009 at 10:17 am





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