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Message: Gold rebounds from biggest drop in 3-mth on weak dollar

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Gold rebounds from biggest drop in 3-mth on weak dollar

posted on Oct 21, 10 11:41AM (Log in to use the IP Check tool) ^[?]

PTI/Bloomberg / New York October 20, 2010, 19:41 IST

Gold today gained as a weaker dollar boosted demand for an alternative asset and as some investors bought bullion after China's interest-rate increase spurred metal's biggest drop in over three months.

The gold added $6.20, or 0.5 per cent to $1,342.20 an ounce on the Comex in New York, while in London it was 0.7 per cent higher at $1,341.70.

Gold slid 2.6 per cent yesterday after China raised borrowing costs for the first time since 2007, spurring gains for the dollar.

The greenback today slipped against the euro on speculation the Federal Reserve officials will signal further credit-easing measures to support economic growth.

In line with the general firming trend, silver in New York lost 0.2 per cent to $23.73 an ounce

Source: http://www.business-standard.com/india/news/gold-reboundsbiggest-drop-in-3-mthweak-dollar/112887/&tp=on

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