Gold ends firm in Europe after China, dollar moves
Gold-bugs had a rocky ride in Europe on Thursday, with the market swinging wildly lower when China raised interest rates only for fresh dollar woes to ignite a smart rally, traders said.
It has been hectic and volatile – after it sold off on the China (rate) increase it did not take much to move it back up when the dollar tumbled, a trader said.
The U.S. currency slid to fresh seven-month lows against the euro of $1.2547 after Federal Reserve Chief Ben Bernanke hinted at a U.S. rate hike pause.
Spot gold rallied strongly from lows of $628.20 to close at $641.70/642.70 a troy ounce, against $640.10/641.10 late in New York on Wednesday, bringing last weeks 25-year high of $645.75 back into play.
Traders said the rise in Chinas one-year lending rate to 5.85 percent from 5.58 percent was seen by economists as an attempt to slow a boom in credit and investment growth.
More: za.today.reuters.com
Related Travel Information
South Africa rand stays strong vs ailing dlr, bonds firm
JOHANNESBURG (Reuters) - South Africa's rand held its firm tone against an ailing dollar on Friday, while perky gold prices also propped up the domestic currency.
The rand has lost some of its shine over the past week as dollar-short investors squared their books towards the end of year holidays. But analysts expect it to resume last month's rally in the new year as players return their focus to the country's favourable economic outlook.
At 1110 GMT the rand was trading at 6.3610/dollar, steady on its New York close but around two cents
U.S Dollar Down; Gold Mixed in Europe
The U.S. dollar mostly fell against other major currencies in European trading Thursday. Gold was mixed.
The euro was quoted at $1.1840, up from $1.1836 late Wednesday in New York.
Other dollar rates compared with late Wednesday:
_117.72 Japanese yen, down from 117.83
_1.3159 Swiss francs, unchanged.
_1.1653 Canadian dollars, up from 1.1637
The British pound was quoted at $1.7225, up from $1.7160.
Gold closed in London at $512.50 bid per troy ounce, down from $515.20 on Wednesday.
In Zurich, the bid price was $517.03, up from $515.75.
Gold rose $8.05 in Hong Kong
Dollar falls, gold rises in Europe
The U.S. dollar fell against other major currencies in European trading late Tuesday as major currency markets reopened for the new year. Gold prices rose.
The euro was quoted at $1.1960, up from $1.1828 Friday in New York. Later, in midday trading in New York, the euro fetched $1.1974.
Other dollar rates included 116.72 Japanese yen, down from 117.78; 1.2962 Swiss francs, down from 1.3136; and 1.1571 Canadian dollars, down from 1.1646.
The British pound was quoted at $1.7374, up from $1.7179.
In midday New York trading, the dollar bought 116.47 yen and 1.2947 Swiss francs, while the pound
Dollar, gold rise in Europe
LONDON - The U.S. dollar rose against other major currencies in European trading Wednesday. Gold reached a new high for the second straight day in Europe.
The euro was quoted at $1.1720, down from $1.1794 late Tuesday in New York. Later, in midday trading in New York, the euro fetched $1.1714.
Other dollar rates included 120.83 Japanese yen, up from 120.74; 1.3131 Swiss francs, up from 1.3048; and 1.1579 Canadian dollars, up from 1.1562.
The British pound was quoted at $1.7328, down from $1.7418.
In midday New York trading, the dollar bought 120.96 yen and 1.3136 Swiss francs, while the
Dollar Mixed, Gold Falls in Europe
LONDON (AP) - The U.S. dollar was mixed against other majorcurrencies in European trading Thursday. Gold prices fell.
The euro was quoted at $1.1941, down from $1.1994 late Wednesdayin New York. Later, in midday trading in New York, the euro fetched$1.1965.
Other dollar rates included 116.66 Japanese yen, down from117.42; 1.2910 Swiss francs, up from 1.2823; and 1.1571 Canadiandollars, up from 1.1504.
The British pound was quoted at $1.7625, down from $1.7722.
In midday New York trading, the dollar bought 116.60 yen and1.2884 Swiss francs, while the pound was worth $1.7654.
More:
