But the Group of Seven rich nations stopped short of announcing any formal G7 Action in the Currency Markets – leaving the Euro to recover all of its losses at $1.5840 by lunchtime in Frankfurt – and chose instead to discuss social unrest in poorer countries caused by surging food prices.
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Gold Retrieves 1.1% Drop
Four weeks on from Gold soaring at $1,034 per ounce, the Gold Price recovered a 1.1% drop early Monday as a sharp bounce in the US Dollar failed to hold following this weekend's meeting of G7 finance ministers in Washington
Four weeks on from Gold soaring at $1,034 per ounce, the Gold Price recovered a 1.1% drop early Monday as a sharp bounce in the US Dollar failed to hold following this weekend's meeting of G7 finance ministers in Washington.
The spot Gold Market had earlier dropped to a three-day low beneath $915 per ounce, while the Euro gapped down Euro 1.5 against the Dollar at the opening in Asia.
The US Dollar also knocked 1.3% off the Japanese Yen after the G7 noted "sharp fluctuations in major currencies [and] their possible implications for economic and financial stability."
But the Group of Seven rich nations stopped short of announcing any formal G7 Action in the Currency Markets – leaving the Euro to recover all of its losses at $1.5840 by lunchtime in Frankfurt – and chose instead to discuss social unrest in poorer countries caused by surging food prices.
But the Group of Seven rich nations stopped short of announcing any formal G7 Action in the Currency Markets – leaving the Euro to recover all of its losses at $1.5840 by lunchtime in Frankfurt – and chose instead to discuss social unrest in poorer countries caused by surging food prices.
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