Gold Went Up As Dollar Down Again

Gold futures rose Monday to $450 per ounce, with the G-20 meeting failing to provide any indication that U.S. officials are going to assume measures to stop the dollar decline.

The dollar is still lower against the euro after the meeting of G-20, the world's leading finance ministers.

"The main focus appears to be the G-20 statement which referred to the U.S. budget deficit, fluctuating oil prices, economic imbalances and 'geo-political concerns,' and U.S. officials' rejection to denounce the dollar's 'volatile' moves," said James Moore, an analyst at TheBullionDesk.com in London.

December gold futures rose $2 to close at $449 an ounce on the New York Mercantile Exchange?s COMEX - near the session's intraday peak and at the loftiest closing price since June of 1988.

For now, Moore said, "$450 still appears to be the market's target." Prices should see support at the $440 level, but may pull back to $425 before making further advances, he said.