The euro gained as much as 1 per cent after Germany said private-sector creditors may be shielded from a Greek bailout. Gold has gained 23 per cent in the past year as the US dollar slumped 12 per cent against a basket of six major currencies, including the euro.
“You’ve got the euro coming back, and it’s taken some of the dollar pressure off the metals,” said Frank McGhee, the head dealer at Integrated Brokerage Services LLC in Chicago.
Gold futures for August delivery rose $US9.20, or 0.6 per cent, to settle at $US1,539.10 an ounce at 1:39 p.m. on the Comex in New York. The price climbed 0.6 per cent this week.
On May 2, gold rose to a record $US1,577.40 as escalating sovereign-debt woes and record-low US borrowing costs increased the appeal of the metal as an alternative to currencies. Gold priced in British pounds rose to an all-time high yesterday, and the price in euros climbed to a record on May 25.
Silver futures for July delivery rose 18.9 cents, or 0.5 per cent, to $US35.748 an ounce. The metal fell 1.6 per cent this week.
Platinum futures for July delivery fell $US8.60, or 0.5 per cent, to $US1,752.10 an ounce on the New York Mercantile Exchange. The price, down 4.4 per cent this week, declined for the sixth straight session, the longest slump since August.
Palladium futures for September delivery dropped $US18.10, or 2.4 per cent, to $US745.40 an ounce, the biggest drop since May 5. The price, down 8.8 per cent this week, declined for the sixth straight session, the longest slide since March.
Read more: http://www.brisbanetimes.com.au/business/markets/gold-rises-as-greenback-slide-boosts-appeal-20110618-1g8lx.html#ixzz1PamdTaK2
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