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Gold Slips, Platinum Dips as Dollar Firms
Contrarian Profits (July 8th, 2009) Writes:
Gold fell in Europe on Wednesday and platinum dropped below $1,100 an ounce for the first time since May 18 as the dollar firmed against the euro, making precious metals more expensive for holders of other currencies.
Hard commodities weakened across the board, hit by global economic concerns and worries a potential clampdown on speculation in U.S. energy and commodity trading could hurt buying of the asset class.
Spot gold slipped to a low of $915.20 an ounce and was bid at $918.00 an ounce at 1414 GMT, against $923.30 an ounce late in New York on Tuesday. Meanwhile platinum was at $1,109 an ounce from $1,132, having touched a low of $1,099.
The dollar climbed broadly as growing risk aversion prompted buying of the precious metal as a safe store of value. The U.S. unit, weakness in which boosts gold’s appeal as a currency hedge, is currently the metal’s chief driver.
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