16
July
Gold Falls for First Day This Week in London as Dollar Climbs
16 July 2009 Bloomberg.com
Gold fell for the first day this week in London as the dollar climbed, eroding demand for precious metals as alternative investments.
The U.S. currency, which tends to move inversely to bullion, rose as much as 0.4 percent against the euro as investors sought safer assets. Gold has added 6.5 percent in 2009 as the greenback has declined 2.3 percent as measured by the Dollar Index, which gauges the currency’s performance against six monies.
“Gold has tracked slightly lower as the dollar finds some support,” said James Moore, an analyst at TheBullionDesk.com in London.
http://www.bloomberg.com/apps/news?pid=20601100&sid=akXM0rxS2eYE
