22
September
Gold Gains, Ending Three-Day Drop, as Weak Dollar Lifts Demand
22 September 2009 Bloomberg.com
Gold increased, ending a three-day decline, as the dollar weakened against major global currencies, boosting the appeal of precious metals.
Bullion, which typically moves inversely to the dollar, has risen 14 percent this year as the Dollar Index, a six-currency gauge of the dollar’s strength, has fallen 5.9 percent.
“The dollar is the biggest driver of gold moves these days,” said Jang Joong Shik, head of trading with Hyundai Futures Co. in Seoul. “Still, it needs some consolidation before a further rally in prices is warranted.”
http://www.bloomberg.com/apps/news?pid=20601101&sid=aDuaKAHuxqLE
