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News // Metal market

Gold falls as Dollar Rises

24 September 2008 , 10:08Jo Amey846
After the U.S. dollar bounced despite uncertainties in the government's bailout plan, Gold has fallen further but steadier oil could limit the falls.

Gold was trading at $883.35 an ounce, down $7.35 an ounce or 0.83 percent from New York's notional close. Gold rallied to a 7-week high of $908.80 an ounce on Tuesday before losing much of the gains due to a rebounding dollar.

The U.S. dollar rose against the euro on Tuesday, after a sharp drop in the previous session, buoyed by lower oil prices and views the government's bailout plan might not be as negative for the currency as some had feared.

Gold futures for December delivery on the COMEX division of the New York Mercantile Exchange slipped $0.2 an ounce to $891.0 an ounce.

Bullion holdings of the world's largest gold-backed exchange-traded fund, the SPDR Gold Trust, rose 30.2 tonnes, or 4.4 percent, to a record 709.62 tonnes.

Oil was steady around $106 a barrel on Wednesday, having fallen 2.5 percent the previous day.

Platinum was trading at $1,204.50 an ounce, down $8.50 or 0.70 percent from New York's notional close on Tuesday.

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