Gold Climbs in London as Dollar Slumps to Record Against Euro - By Danielle Rossingh

Gold gained in London as the dollar slid to an all-time low against the euro, boosting demand for bullion as an alternative investment.

The dollar slumped on speculation a government report will show a drop in U.S. home sales, bolstering the Federal Reserve's case for cutting interest rates. Gold is seen by some investors as a hedge against further declines in the dollar. The U.S. currency has weakened against 14 of the 16 most-active currencies since June 30, falling 4.4 percent versus the euro. Gold has climbed almost 11 percent since then.

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Posted by Posted by Jewelry News at Thursday, September 27, 2007 6:47 AM
Categories: gold, Euro, Precious Metals, Jewelry News
 

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