Home 
The News Miscellaneous Gold Poised for Third Weekly Gain as Dollar Slumps Against Euro
The News Miscellaneous Gold Poised for Third Weekly Gain as Dollar Slumps Against Euro
| Gold Poised for Third Weekly Gain as Dollar Slumps Against Euro |
| News - Miscellaneous |
| Written by Glenys Sim, Bloomberg |
| Friday, 22 May 2009 08:20 |
|
May 22 (Bloomberg) -- Gold traded near the highest in two months, set for a third weekly increase, as the dollar fell against the euro, boosting the appeal of the precious metal as an alternative investment.
The Dollar Index, a measure of the greenback against six major currencies, has lost 3.2 percent this week on speculation that the U.S. government’s creditworthiness may be weakening, after Standard & Poor’s yesterday cut its outlook on the U.K.’s AAA credit rating to “negative” from “stable.” “Investor interest in gold was bolstered by the declines in international equity markets and the soft tone of the U.S. dollar,” David Moore, chief commodity strategist at Commonwealth Bank of Australia, said in an e-mail today. |