Gold up on predictions of weaker dollar - Tuesday 18th December 2007
Speculation over whether a potential slowdown in the US economy will weaken the dollar led to gold prices seeing their first rise in four days today (December 18th).
Gold dipped to a two-week low last week, but increased to $799.94 per ounce in London early this afternoon, Bloomberg reports.
"The people who think the dollar rally isn't coming to an end believe in Santa Claus. Gold has not fallen too much with the dollar rally and that's a really positive sign for gold," Nicholas Betsky of DBM Capital Partners told Bloomberg.
Yesterday, president George Bush said that the economy was in a "pretty good" condition, although there are "some storm clouds and concerns".
A report on the American housing market released today by the US Commerce Department showed that new housing starts fell 3.7 per cent in November compared with the previous month, while future building permits dropped by 1.5 per cent.
Gold dipped to a two-week low last week, but increased to $799.94 per ounce in London early this afternoon, Bloomberg reports.
"The people who think the dollar rally isn't coming to an end believe in Santa Claus. Gold has not fallen too much with the dollar rally and that's a really positive sign for gold," Nicholas Betsky of DBM Capital Partners told Bloomberg.
Yesterday, president George Bush said that the economy was in a "pretty good" condition, although there are "some storm clouds and concerns".
A report on the American housing market released today by the US Commerce Department showed that new housing starts fell 3.7 per cent in November compared with the previous month, while future building permits dropped by 1.5 per cent.
Goldbug, 18 Dec '07
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