Spot Gold in Hong Kong Spikes on Weaker Dollar
Source: Platts.com (10/8/07)
Spot gold prices in Hong Kong opened sharply higher yesterday at $741.50-742.00/oz, compared with Friday's close of $734.40-734.90/oz, supported by prolonged weakness in the US dollar, according to local traders.
Traders said the US dollar remained weak against the euro despite better than expected US payrolls data as the market believed that the strong US jobs report released on Friday was not enough to keep the Federal Reserve from cutting interest rates further...
"Gold prices in Hong Kong are higher this morning, following the stronger US close on Friday at around $741/oz," one Hong Kong-based trader said. "The US dollar remains weak, pressured by the increase in the unemployment number in the US," he added.