Pham-Duy Nguyen
Bloomberg
March 24, 2008
March 24 (Bloomberg) — Gold rose in New York on speculation the dollar’s advance against the euro will stall. Silver increased.
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The euro climbed as much as 0.2 percent against the dollar before paring gains. The euro slumped 1.6 percent last week versus the U.S. currency, while gold tumbled 8 percent after reaching a record $1,033.90 an ounce on March 17.
“Gold is looking to the dollar for direction,” said Frank Lesh, a trader at FuturePath Trading LLC in Chicago. “All these funds that invested in commodities need to figure out if they’re coming back in or selling more.”
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