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Gold advance a second day as weakening dollar spurs demand

Last Updated: Wednesday, February 8, 2012 - 20:48

London: Gold Wednesday climb for a second day as a weaker dollar spurs demand for the metal as an alternative investment. Silver reached the highest prices since November.
     
The gold rose USD 2.10 to USD 1,747 an ounce, after gaining 1.5 per cent yesterday, the most since January 25. Silver rose 0.5 per cent to USD 34.31 an ounce after reaching 34.53, the highest since November 16.
     
The dollar fell today to the lowest in almost two months versus six major currencies on speculation Greece is making progress on measures needed to win international aid.
     
Federal Reserve Chairman Ben S. Bernanke repeated that the US jobs market is still far from healthy after signs of economic improvement over the past year. The central bank last month pledged to keep interest rates low until late 2014.
     
The metal gained for an eleventh consecutive year in 2011 as investors sought to diversify from equities and some currencies. Gold reached to record level of USD 1,921.15 in September.
     
Greek Prime Minister Lucas Papademos held an unscheduled meeting late yesterday with the so-called troika, comprising the European Commission, the European Central Bank and the International Monetary Fund to put the final touches on terms required for a USD 173 billion bailout.

PTI

First Published: Wednesday, February 8, 2012 - 20:48
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