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Gold rises to three-month high as weaker dollar spurs demand

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Thursday, Sept 3, 2009

Gold has climbed to a three-month high in London as a weakening dollar boosted demand for the metal as an alternative investment.

The metal advanced by 2.3pc yesterday, the biggest gain since March 18, as equities and the dollar declined. The American currency fell as much as 0.4pc against the euro today. Gold, which rose for a third day, tends to gain when the dollar weakens.

“The euro has picked up again,” David Barclay, a metals analyst at Standard Chartered, said. “The dollar is going to be the main driver for gold strengthening for the rest of the year.”

Bullion for immediate delivery advanced by $5.80, or 0.6pc, to $984.30 an ounce by 10am, the highest since June 3. December gold futures were 0.7pc higher at $985.60 an ounce on the New York Mercantile Exchange’s Comex division.

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This article was posted: Thursday, September 3, 2009 at 3:52 am

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