Mon, 06 Aug 2012 00:00:00 +0200
Weakened Dollar Leads to Gains for Gold
The price of gold got a significant boost on Friday, after better than expected US jobs data caused the safe-haven greenback to slide against its main currency rivals. As a result, gold became more affordable for international buyers which led to an increase in demand. The precious metal finished out the week at $1603.21 an ounce, up more than $20 during the second half of the day, and slightly below its high for the day at $1606.53. This week, gold traders will want to continue monitoring US and euro-zone data and how it affects the dollar. Any negative news could result in risk aversion in the marketplace, which may lead gains for the safe-haven greenback and gold giving up some of its recent gains. That being said, should investor confidence in the global economic recovery increase further, gold may be able to extend its recent bullish trend.
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