1
March
Gold Falls as Dollar Extends Gains Against Euro; Silver Rises
1 March 2010 Business Week
March 1 (Bloomberg) -- Gold declined in London as the dollar extended gains against the euro, eroding demand for the precious metal as an alternative investment. Silver climbed. European Union Monetary Affairs Commissioner Olli Rehn said Greece must deepen measures to reduce its budget deficit after meeting with Greek Finance Minister George Papaconstantinou.
Concern about Greece’s debt problems boosted the dollar last month. Gold typically moves inversely to the dollar. “We expect the euro and broad risk sentiment to provide further direction for gold,” James Moore, an analyst at TheBullionDesk.com in London, said in a report. Gold for immediate delivery dropped $1.90, or 0.2 percent, to $1,115.70 an ounce at 11:48 a.m. local time.
Bullion for April delivery was 0.3 percent lower at $1,115.80 on the New York Mercantile Exchange’s Comex unit.
