Friday Gold climbed up as market 'bulls' showed up after the price dropped to a three-week record low, but gains may be not as high as expected with a firming dollar robbing the metal of some of its appeal as an alternative investment
Friday Gold climbed up as market “bulls” showed up after the price dropped to a three-week record low, but gains may be not as high as expected with a firming dollar robbing the metal of some of its appeal as an alternative investment.
Gold has lost about 14 percent in value since spiking to a record high of $1,030.80 an ounce on March 17. Attempts to revisit the lifetime high have been met by profit taking, prompting investors to liquidate some of their holdings.
Gold inched up to $886.05/889.05 an ounce from $885.25/886.45 an ounce late in New York on Thursday, when it dropped as low as $883.05, its lowest since early April, after the dollar jumped against other currencies.
The dollar steadied against the euro and the yen, holding firm after data showed signs of resilience in the U.S. labour market.
Gold futures for the delivery in June on the COMEX division of the New York Mercantile Exchange added $1.0 an ounce to $890.4 an ounce.
