Gold News & Info

Source: Bloomberg

New York— Gold rose from a two-week low in New York and London on speculation that a slide in the dollar will spur demand for the precious metal as a currency alternative. Silver also gained. The U.S. Dollar Index, which measures the currency against six others, including the euro and yen, fell as much as 1 percent, after a gain in U.S. retail sales and a drop in initial jobless-benefit claims encouraged investors to buy higher- yielding assets. Gold futures for August delivery rose $2.90, or 0.3 percent, to $957.60 an ounce at 12:25 p.m. on the New York Mercantile Exchange�s Comex division, after earlier dropping as much as 1.3 percent to $942.50, the lowest for a most-active contract since May 26. Bullion for immediate delivery gained $2.07, or 0.2 percent, to $956.56 at 5:25 p.m. in London. Silver futures for July delivery gained 22 cents, or 1.4 percent, to $15.445 an ounce on the Comex.

�Gold has reasons to rally,� said Stephen Platt, an Archer Financial Services Inc. commodity analyst in Chicago. �The dollar is pretty risky to be in� and �Chinese demand for gold seems to be better than expected.� The metal probably will trade at �$990 in a couple of weeks,� he said. See full story.