25
August
Gold Near Six-Week High After Record Slump in U.S. Home Sales, Shares Drop
25 August 2010 Bloomberg.com
Gold in London advanced to a seven-week high as a weaker dollar and concern that the economic recovery is stalling spurred demand.
The dollar fell against the euro as a report showed German business confidence unexpectedly increased for a fourth month in August. Gold, which usually moves inversely to the greenback, rebounded yesterday after data showed sales of existing U.S. homes plunged by a record. Standard & Poor’s yesterday cut Ireland’s credit rating.
