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Gold turns lower as dollar firms after ECB decision

Published 06/04/2009, 08:08 AM
Updated 06/07/2009, 06:14 AM

LONDON, June 4 (Reuters) - Gold briefly turned negative as the dollar strengthened versus the euro in the wake of the European Central Bank's decision to keep interest rates on hold.

Weakness in the dollar, which boosts interest in gold as an alternative asset and makes it cheaper for holders of other currencies, sent the metal to a high of $970.45 earlier in the day. [FRX/]

Spot gold was bid at $962.80 an ounce at 1205 GMT, against $962.15 an ounce late in New York on Wednesday. It touched a session low of $960.70 after the decision.

(Reporting by Jan Harvey

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