Gold sparkles as US dollar weakens
US gold futures topped $710 an ounce Monday amid a softening US dollar and analyst fears of a further currency weakening.
September gold rose $3.40, or 0.48%, to $713.10 in mid-morning trading on the Comex division of the New York Mercantile Exchange. It reached $700 an ounce Friday. The precious metal is dollar-denominated so when the US currency falls, gold becomes cheaper for buyers holding stronger currencies. Gold is also sometimes bought as a safe alternative to a falling US dollar. The precious metal fell to seven-month lows in August amid the US credit crunch, as investors sold gold to raise cash. (c&m.com)
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