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US gold rises toward $1,020/oz on dollar tumble

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Reuters
Tuesday, Sept 22nd, 2009

U.S. gold futures rose toward $1,020 an ounce on Tuesday as a sharp deterioration of the dollar’s value triggered investment buying in gold as a currency hedge.

GOLD

* December gold GCZ9 up $10.80, or 1.1 percent, at $1,015.70 an ounce at 10:40 a.m. EDT on the COMEX division of New York Mercantile Exchange. * Ranged from $1,004.20 to $1,021.50.

* Gold boosted by a tumbling dollar. Deteriorating sentiment toward the U.S. currency pushed FX dealers to sell it ahead of a Federal Reserve meeting and Group of 20 summit this week. [USD/]

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This article was posted: Tuesday, September 22, 2009 at 10:07 am





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