Comex Gold Bounces As US Dollar Weakens

3/23/2012

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Early this Friday, gold futures bounced due to weak US dollar. Moreover, gold for April delivery rose $6.50 to $1,649 an ounce on the Comex division of the New York Mercantile Exchange. Moreover, May Silver jumped 29.5 cents to reach $31.64 an ounce. The euro also gained from $1.3197 of late Thursday to $1.3231.

A soft dollar can support gold in two ways by making all dollar-denominated commodities cheaper in other currencies and encouraging gold purchases as currency hedge against greenback softness. On Thursday, gold plunged along with several kind of commodities following weak manufacturing surveys in China and the euro zone risk concerns.

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 Original Source : Comex Gold
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