Thursday, December 6, 2007
Gold gains on euro strength over dollar
Story link: Gold gains on euro strength over dollar
by Elaine Frei
by Elaine Frei
Precious metals prices were higher in New York on Thursday after the US dollar weakened in relation to the euro.
The weakening came after the European Central Bank held interest rates steady and indicated that pressures toward inflation means that there will not be any rate cuts coming anytime soon.
In fact, remarks after the rate decision was announced indicated that some ECB policy-setters had felt inclined to raise rates.
February gold on the Comex division of the New York Mercantile Exchange added $3.40 to $807.10 per troy ounce.
Additionally, March silver gained 17 cents to $14.63 per troy ounce and January platinum was $1.90 higher to $1,470.20 per troy ounce.
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