Gold rises 1.5% as U.S. dollar falters
Greenback dips, easing from three-month highs
globeinvestor.com
Humeyra Pamuk
Thursday, December 24, 2009
London — Gold prices rallied more than 1.5 per cent on Thursday to above $1,100 an ounce as the dollar lost ground and on the back of robust investment flows betting on higher bullion prices.
Other precious metals took their cue from gold's strength with both palladium and platinum rallying to their highest in about a week at $375 an ounce and $1,4560.50 an ounce respectively.
Spot gold was at $1,104.05 an ounce by 1035 GMT, versus $1,087 an ounce late in New York on Wednesday. Bullion tumbled to a seven-week low of $1,074.10 an ounce earlier this week.
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