28
September
Gold dips below $990, hurt by dollar's rise vs euro
28 September 2009 Reuters
Gold fell below $990 an ounce on Monday as a rise in the dollar versus the euro weighed on the precious metal, whose inability to stay above $1,000 has disappointed some investors.
Gold's inverse relationship with the dollar over the past few weeks has become stronger. Gold is often considered an alternative asset to the greenback, while a higher dollar makes commodities expensive for holders of other currencies.
Spot gold XAU= briefly touched the day's high of $995.50 an ounce before retreating to $987.60, down 0.3 percent from New York's notional close of $990.95.
http://www.reuters.com/article/goldMktRpt/idUST25491820090928
