![[Most Recent Quotes from www.kitco.com]](http://www.kitconet.com/charts/metals/gold/t24_au_en_usoz_2.gif)
![[Most Recent Quotes from www.kitco.com]](http://www.kitconet.com/charts/metals/silver/t24_ag_en_usoz_2.gif)
Gold Firms as Weak Dollar Prompts Buying
Contrarian Profits (July 9th, 2009) Writes:
Gold firmed today, Thursday, as weakness in the dollar prompted interest in the precious metal as a currency hedge, with some physical demand after the previous session’s fall also supported prices.
Spot gold was bid at $912.50 an ounce at 1417 GMT, against $908.45 an ounce late in New York on Wednesday. U.S. gold futures for August delivery on the COMEX division of the New York Mercantile Exchange rose $3.50 to $912.80 an ounce.
Gold sold off on Wednesday in line with other commodities, slipping to an eight-week low, after the U.S. Commodity Futures Trading Commission said it was considering a clampdown on excessive speculation in commodities.
Afshin Nabavi, head of trading at MKS Finance in Geneva, said the slip was met with some light physical buying in the Far East and Europe.
“We saw some small demand out of the Far East this morning,” he said. “But India and the Middle East is still very
...Afshin Nabavi;, Analyst, car manufacturing;, China, contrarian profits, ETF Securities, ETFS Physical Gold, Europe, Exchange, Exchange Traded Funds, Far East, Geneva, gold investment products, gold miner, head of trading, India, London, Market Commentary, metal, Middle East, New York, Oil, oil-led inflation;, passenger-car sales, precious metal, shanghai, South Africa, SPDR Gold Trust, The Macro Trader, U.S. Commodity Futures Trading Commission, United States, USD
No recommendations, either expressed or implied, are being made to buy, sell, hold or short any of the mentioned stocks. No legal, tax or accounting advice is expressed or implied. Always contact your attorney, CPA, or tax advisor before acting on any legal or tax issues. StraightStocks.com is not responsible for the content, products, or services of any of the advertisers on this site. StraightStocks.com receives compensation from advertisers on this blog. Services and products referred to herein are trademarks, registered trademarks, servicemarks, and/or registered servicemarks of their respective trademark or servicemark owners.