Work hard and you will find success

Eduard Utkin, Director General of the “Jewellers’ Guild of Russia” Association, expert of the RF Chamber of Commerce and Industry’s Committee on Precious Metals and Precious Stones, told R&P about implementing the SIIS PMPS (State Integrated Information...

Today

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30 august 2021

Gold Climbs In Asia As Dollar Drop Increases Investment Demand

25 march 2009

Bloomberg reports that gold gained in Asia as the dollar declined, boosting demand for the precious metal as a store of value and an alternative investment. Platinum rose.
The dollar approached the weakest in two months against the euro after U.S. Treasury Secretary Timothy Geithner unveiled proposals to finance as much as $1 trillion in purchases of illiquid property assets.
Bullion tends to climb when the dollar falls as investors seek to preserve their wealth and it becomes cheaper for holders of other currencies.
"Gold's inverse relationship with the dollar has come back," Wallace Ng, chief precious metals dealer at Fortis Bank's commodity derivatives unit, said from Hong Kong.
Gold for immediate delivery rose as much as 0.5 percent to $944.40 an ounce, and was at $942.45 at 2:04 p.m. in Singapore. Silver was little changed at $13.7075 an ounce.
The dollar last traded at $1.3666 per euro compared with $1.3633 yesterday. It reached $1.3738 March 19, the lowest level since January 9. Gold has risen 3 percent in the past week as the dollar index, which tracks the greenback against six major trading partners, tumbled 4.2 percent.
"In the near term, we'll continue to see small corrections within the $920 to $990 range, as people are optimistic about the stabilization of the financial markets," said Ng. "Gold is still in a constructive uptrend as the abundant supply of money will create inflation in the long term."