Gold surges as dollar went sharply down

Editorial Note: The following news reports are summaries from original sources. They may also include corrections of Arabic names and political terminology. Comments are in parentheses.

2009-07-02 06:07:36

CHICAGO, July 1 (Xinhua) --

Gold futures on the COMEX Division of the New York Mercantile Exchange ended higher on Wednesday on a falling dollar, recovering from the precious day's loss. Silver and platinum both went up, too.

Gold price for August delivery gained 13.90 U.S. dollars, or 1.5 percent, finishing at 941.30 dollars an ounce.

Dollar plummeted after the Reuters reported that China has required to discuss the issue of a new global reserve currency at next week's G8 summit in Italy, which pressured dollar to go down with the rate against euro dipping as low as 1.4201 dollars, the lowest level since June 5.

In a report released recently, the Chinese central bank reiterated to push the reform of the international currency system to make it more diversified and lessen dollar's role as the world's reserve currency. Analysts consider this change is bullish to gold as dollar's appeal is reduced.

The employment report released by Automatic Data Processing said companies in the U.S. private sector shed 473,000 jobs in June. Over the past three months, monthly employment losses have averaged 492,000. Although the economy seems to bottom out in second half of the year, labor market has shown few signs.

September silver finished at 13.76 dollars per ounce, up 16 cents. October platinum fell 19.80 dollars to 1,205.10 dollars an ounce.

Editor: Yan

Fair Use Notice

This site contains copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available in our efforts to advance understanding of environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission from the copyright owner.