Gold higher, dollar hits new lows -
July 24 -- U.S. gold futures finished higher -
after touching a 2-1/2-month peak on Tuesday as the dollar
fell to a record low and as investor sentiment turned
bullish after prices surged above -
the previous session's high.
"Everything is dollar-related," Carlos Perez-Santalla
at Hudson River Futures said from the COMEX floor.
"It started off as a light, quiet day and it built up
with some fund buying as the market climbed above
yesterday's high."
The COMEX August contract settled up $3.30 at $684.80,
dealing between $681.40 and $688.40, the loftiest level
since May 10.
On Tuesday, the dollar fell to a 15-year low against
a basket of major currencies and a record low against
the euro, hurt by the potential for credit and
housing market weakness to drag down the U.S. economy.
The dollar index dropped to a low of 80.016, down
around 0.5 percent and near the psychologically
significant level of 80.0 and the all-time low
of 78.19.
Robin Bhar, head of base metals strategy at UBS in London,
said in a client note that most of gold's recent gains
were driven by the dollar weakness rather than
speculative buying.
Bhar said that euro-denominated gold prices were
currently below EUR 500 an ounce --
a key indicator of gold's strength or weakness.
"This, combined with still-modest long positions,
point to potential further strength in gold should
investors chose to add positions," Bhar said.
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