Gold extends gains as dollar dips
Published on: February 22, 2010 at 10:25
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Spot gold was seen trading at $1126.58 an ounce at 11.30 a.m Singapore time while $1122.36 an ounce at the same time as the euro firmed against the dollar.
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Analysts said investors have poured money into gold as a hedge against currencies' volatility due to fears about debt defaults in the euro zone, while the metal's steady rebound since falling below $1100 also ignited technical buying.
On Friday, Spot gold closed at $1117.05 an ounce on the New York's notional close while gold for April delivery gained $3.40 to settle at $1,122.10 an ounce.
Silver for March delivery rose 35.3 cents to $16.413 an ounce. March copper rose 7.15 cents to $3.357 a pound.
Bullion was about 8 per cent below a lifetime high above $1200 an ounce struck in early December and was moving away from a three-month low around $1043 hit almost three weeks ago.
The greenback dropped Monday as investors reassessed chances of a earlier-than-expected interest rate hike by the Federal Reserve.
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