Gold gained for a third straight session in New York as a weaker dollar increased demand for the metal as an alternative investment. The dollar slid as much as 0.9 percent against the euro as concerns eased that a financial crisis in Greece will derail Europe’s economic recovery. Gold climbed 24 percent last year as the dollar fell 4.2 percent against a basket of six major currencies, including the euro and yen. “The lower dollar is supportive for gold,” said Frank Lesh, a trader at FuturePath Trading LLC in Chicago. “Traders see a weak dollar and they go in and buy commodities across the board.”
Gold futures for June delivery advanced $4.30, or 0.4 percent, to $1,109.70 an ounce at 10:35 a.m. on the Comex. Before today, the metal gained 0.8 percent this year, heading for a sixth straight quarterly gain. The euro rose against the dollar after European Union leaders agreed on a plan to avert a financial crisis in Greece. Concern that European nations including Portugal and Greece will be unable to reduce budget deficits has dragged the euro 6.4 percent lower this year through March 26.
Gold may find support after suicide bombers killed at least 38 people in two subway attacks in Moscow, said Afshin Nabavi, a senior vice president at bullion refiner MKS Finance SA in Geneva. The blasts are the deadliest terrorist assaults in the city since 2004. Gold futures rose 1 percent on March 26 as the dollar slumped and a South Korean naval ship exploded and sank near a disputed border with North Korea. U.S. and South Korean officials said they had no signs that North Korea was involved.....Read the entire article.
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