Gold Prices Move Back Higher Again

Source: RTTNews  (10/9/07)

Gold was up Tuesday morning in U.S. trading as the dollar moved back lower against the euro and other major currencies. December gold added $5.50 to trade at $744.20. The rise erased some of the losses from yesterday's session.


Gold was up Tuesday morning in U.S. trading as the dollar moved back lower against the euro and other major currencies. December gold added $5.50 to trade at $744.20. The rise erased some of the losses from Monday's session. For the most part, gold has been relatively range-bound for a few weeks, near a long-term high.

The greenback was firm in early morning trading but has seen weakness over the last few hours. Gold generally moves opposite the dollar as traders often turn to the precious metal as a hedge. Bullion had moved to a 27-year high recently as the greenback moved at record lows against the euro.

...Silver moved sharply higher as well on Tuesday and reached a weekly high. December silver added 27.5 cents to reach $13.635. The move easily erased the metal's losses from the previous session.

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