Gold Continues Higher as Dollar Slips Further

Source: Thomson Financial  (10/23/07)

"Gold prices recovered at least half of yesterday's net losses...as the US dollar moved lower once again. A recovery and stabilization of global equity markets helped matters for bullion," said Kitco analyst Jon Nadler.


Gold continued higher as the dollar slipped further in afternoon trades, and as equity markets continued their recovery.

Wall Street opened higher today, extending yesterday's rebound from the Friday sell off, while European stock markets held onto earlier gains amid improved risk appetite.

"Gold prices recovered at least half of yesterday's net losses...as the US dollar moved lower once again. A recovery and stabilization of global equity markets helped matters for bullion," said Kitco analyst Jon Nadler.

At 3.28 pm, spot gold was up at 757.65 usd an ounce against 755.60 usd in late New York trades yesterday, when it fell more than 1 pct on losses in global equity markets, a recovering dollar and weaker crude oil prices.

Last week, gold rose to a 28 year high of 770.90 usd an ounce.

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