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US Dollar Makes Gold Slip
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Posted on 01/15/10 at 2:12pm by Monica Gerson
Spot gold has continued to slip with the strengthening of the US dollar. The dollar has reached a one-week high against the euro, which has subdued the demand for the precious yellow metal.
As the economic data remains mixed and the direction of the US dollar remains uncertain, gold prices continue to remain range bound. Over the entire week, gold had remained in the middle of the $1,117-$1,1161/oz range. Several analysts, including those at FuturesTechs, expect gold prices to remain in this range for some time.
Gold for February delivery was moved down $7.70 to $1,135.30 per ounce after reports showed a 0.1% rise in consumer prices in December and sharp improvement in the New York Federal Reserve's manufacturing index in January. The world's biggest gold ETF, SPDR Gold Trust (NYSE: GLD), fell 1.26% to $110.60.
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