9
July
Gold Heads for Longest Weekly Declining Streak Since February on Recovery
9 July 2010 Bloomberg.com
Gold may rise above $1,200 an ounce in New York on speculation the metal’s third consecutive weekly drop will prompt some investors to increase holdings.
European Central Bank President Jean-Claude Trichet said indicators suggested economic activity in the region was strengthening. The dollar was up 0.4 percent against the euro after earlier trading at an eight-week low and European equities rose for a fourth day. Gold fell to a six-week low of $1,185 on July 7 and a third weekly drop would be the worst run since the beginning of February.
