Investing.com - Financial Markets Worldwide

Gold pares gains but stays in sight of highs

Published 10/07/2010, 10:06 AM
Updated 10/07/2010, 10:08 AM
GC
-

LONDON, Oct 7 (Reuters) - Gold pared gains in afternoon trade in Europe on Thursday to hit session lows as the euro came under pressure, helping the dollar index <.DXY> recoup some losses, although gold prices remained in sight of record highs.

Gold reached a record high at $1,364.60 an ounce earlier in the day, fuelled by weakness in the dollar and anticipation the Federal Reserve will act again to support the U.S. economy, but eased back to $1,347.50 by 1348 GMT, up from $1,345.80 the day before.

The euro rose to a session high of $1.4028 earlier in the day, but eased back to $1.3943, broadly flat on the day. The European Central Bank earlier left rates unchanged, as expected, and ECB President Jean Claude Trichet said economic recovery in the euro zone was underway. [ID:nLDE6950HJ]

Gold has risen by more than 22 percent so far this year, thanks largely to a decline in the dollar and investor nervousness over the global economic outlook.

(Reporting by Amanda Cooper; editing by Keiron Henderson)

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2025 - Fusion Media Limited. All Rights Reserved.