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Gold in One Step to $800
..after the U.S. dollar bounced against the euro on expectations of further interest rates cuts
Gold regained ground on Friday after the U.S. dollar bounced against the euro on expectations of further interest rates cuts, but the metal struggled to recapture $800 an ounce, Reuters reported.
Gold hit a high of $799 an ounce and then slipped to $795.30/796.00, steady from $795.00/795.80 in New York on Thursday. Gold fell 1 percent in the U.S. market and dipped below the psychological level of $800 due to a rising dollar.
Gold has dropped nearly 5 percent since hitting a two-week high of $836.70 on Monday and hovered below the 14-day moving average of $802.42, highlighting a volatile market since the metal rallied to a 28-year high of $845.40 earlier this month.
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