Gold, silver trade further higher in Asia
Gold gained further ground in Asia amid speculation a decline in the dollar may boost the appeal of the precious metal as a hedge against the US currency.
By Agencies |
SINGAPORE: Gold gained further ground in Asia amid speculation a decline in the dollar may boost the appeal of the precious metal as a hedge against the US currency.
Gold often moves in the opposite direction to dollar, which fell for a second day against euro after a report showed US homebuilders' confidence fell.
Gold for immediate delivery gained $ 1.50, or 0.2 percent, to $ 657.85 an ounce. Silver also moved up to $ 13.21 an ounce. However, gold for delivery in April 2008 in Japan fell 8 yen, or 0.3 percent to 2,635 yen a gram ( $663 an ounce) on the Tokyo Commodity Exchange.
Confidence among US homebuilders fell this month to the lowest since February 1991 as interest rates climbed, according to the National Association of Home Builders/Wells Fargo index of sentiment.
Gold for August delivery rose 1.40 dollar, or 0.2 percent, to $ 661.30 an ounce, on the New York Mercantile Exchange. A futures contract is an obligation to buy or sell a commodity at a set price for delivery by a specific date.
Gold often moves in the opposite direction to dollar, which fell for a second day against euro after a report showed US homebuilders' confidence fell.
Gold for immediate delivery gained $ 1.50, or 0.2 percent, to $ 657.85 an ounce. Silver also moved up to $ 13.21 an ounce. However, gold for delivery in April 2008 in Japan fell 8 yen, or 0.3 percent to 2,635 yen a gram ( $663 an ounce) on the Tokyo Commodity Exchange.
Confidence among US homebuilders fell this month to the lowest since February 1991 as interest rates climbed, according to the National Association of Home Builders/Wells Fargo index of sentiment.
Gold for August delivery rose 1.40 dollar, or 0.2 percent, to $ 661.30 an ounce, on the New York Mercantile Exchange. A futures contract is an obligation to buy or sell a commodity at a set price for delivery by a specific date.
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