2008/12/20

Gold Rises to Eight-Week High as Dollar Slides; Silver Gains

By Pham-Duy Nguyen

Dec. 11 (Bloomberg) -- Gold prices rose to the highest in almost eight weeks as a sliding dollar boosted the appeal of the precious metal as an alternative asset. Silver also gained.

Gold has jumped 9.9 percent this week as the dollar dropped 4 percent against a weighted basket of six major currencies. The metal reached a record in March as the greenback headed for an all-time low against the euro.

“The dollar seems to be under a lot of pressure and there’s still uncertainty to the economic outlook, and that’s giving a lift to gold,” said Stephen Platt, a commodity analyst at Archer Financial Services Inc. in Chicago. “Gold has held up better than any asset off the uncertain monetary outlook.”

Read more at: www.bloomberg.com
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