Gold hits fresh one-month high as dollar falls

BY

Gold rose to a new one-month high on Tuesday as the weaker dollar stimulated buying and
investor sentiment towards the precious metal strengthened.

Gold's comeback began the previous day when most commodity markets rallied to take leading
indexes back up to 2006 highs after crude oil hit an 11-month peak and copper a two-month
high.

Analysts said currency moves, notably dollar/euro, would be key to further gains, noting that
gold had underperformed relative to the U.S. currency's most recent bout of weakness.

Analysts were encouraged by data from the U.S. exchange regulator CFTC showing speculative positions held by funds in New York gold futures.

The data showed that large speculators reduced both long and short positions as of July 3, leaving a net long position of just over 200 tonnes

迪克

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