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Gold May Climb on Speculation Weaker Dollar Will Add to Investment Demand

November 22 2010, 10:25

FMX | Connect – www.fmxconnect.com - (Reported 11/22/2010)

Gold May Climb on Speculation Weaker Dollar Will Add to Investment Demand

Source: Bloomberg

Gold may climb in New York on speculation a deal to rescue Ireland’s banks will curb a spread of the debt crisis and help weaken the dollar.

The euro earlier gained for a fourth day against the dollar after European Union finance ministers said the deal will create a capital fund for Ireland’s lenders. Gold, which reached a record $1,424.30 an ounce on Nov. 9, usually moves inversely to the greenback, which was last little changed. Bullion fell 1 percent last week as moves by China to fight inflation and slow growth eroded demand for precious metals and raw materials. For full article, click here.

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