16
October
Gold steadies at $1,050/oz in consolidation mode
16 October 2009 Reuters
Gold steadied around $1,050 an ounce on Friday after falling more than $10 the previous day as the dollar pared recent losses, prompting the precious metal to consolidate from record highs hit earlier this week.
Gold is often considered as a hedge against the U.S. currency.
Bullion was defensive despite a further decline in the dollar and a rally in oil, and a halt in the actual inflow of funds into gold discouraged further buying. Oil prices had lagged behind recent gains in other commodities, including gold, traders said.
http://in.reuters.com/article/domesticNews/idINT12929220091016
