19
October
Gold steady, remains above $1,050
19 October 2009 Reuters
Gold was little changed around $1,050 per ounce on Monday, pressured by a firmer dollar, as the precious metal took a breather and consolidated gains from last week's rapid climb to historic levels.
Last Wednesday, spot gold soared to an all-time high of $1,070.40 an ounce, while New York gold futures hit a record peak of $1,072 as the greenback's weakness spurred buying of gold, which became less expensive for holders of other currencies.
The precious metal is also often bought as a hedge against a depreciation in the U.S. currency.
http://www.reuters.com/article/hotStocksNews/idUSTRE59C1N820091019
