Gold rises as dollar declines; copper rallies

10 June 2009  MarketWatch

By Moming Zhou, MarketWatch

NEW YORK (MarketWatch) -- Gold futures rose Tuesday for the first session in three, playing off weakness in the dollar, which enhances the precious metal's investment appeal.

Gold for August delivery rose $2.20, or 0.2%, to end at $954.70 an ounce on the Comex division of the New York Mercantile Exchange. It rose to as high as $964.50 earlier. Traded less actively, the June gold contract also rose, adding 0.2% to $954.

Gold ended Monday's trading at the lowest level in more than two weeks, pressured by a firmer dollar. As the greenback turned around, "bargain hunters helped lift gold," said James Moore, analyst at TheBullionDesk.com.

Other precious metals also rose. Silver for July delivery gained 18.5 cents, or 1.2%, to $15.14 an ounce. July platinum added $13.90, or 1.1%, to $1,257.90 an ounce, while the September contract for palladium gained $5.05, or 2%, to $257.05 an ounce.

In base metals, July copper rallied 11.25 cents, or 5%, to $2.3655 a pound.

http://www.marketwatch.com/story/gold-rises-first-day-in-three-as-dollar-falls