Gold firm in euro terms, hits highest ever
Mon Jun 13, 2005 11:05 AM ET
(Updates with euro high, fresh trader and analyst comment)
By Clare Black
LONDON, June 13 (Reuters) - Gold priced in euros hit its highest ever
on Monday, rising above 356 euros an ounce, up 2.4 percent from
Friday, on renewed fund buying.
Traders said gold also gained in other currencies as uncertainty in
foreign exchange markets attracted buyers.
"It seems to be a continuation of Friday -- it is a resumption of
that," a trader said.
Spot gold reached $428.00/428.70 an ounce on renewed fund buying by
1446 GMT, up from New York's late quote on Friday of $427.00/427.70.
Bullion prices have recently loosened a tight link with the
dollar/euro, showing independent strength despite a stronger U.S.
currency.
"I actually think that for the first time during this entire rally,
you could argue that gold is genuinely benefiting from concerns
people have about currencies," said Kamal Naqvi, precious metals
analyst with Barclays Capital.
"The euro, which has benefited the most from the anti-dollar
movement, has clearly got all sorts of major issues." |
