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Gold soars to three-month high as dollar goes down

Published: 02/09/2009 05:00

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Gold futures on the COMEX Division of the New York Mercantile Exchange jumped to a three-month high on Wednesday as dollar weakened upon disappointing jobless data.

Gold price for December delivery gained 22 U.S. dollars, or 2.2percent, to finish at 978.50 dollars an ounce, touching as high as981.40, the strongest level since June 4.

Dollar fell against most rival currencies as a private sector report on unemployment disappointed investors who had anticipated the economy to recover as a faster pace. The ADP National Employment Report said that employment in the private sector fell by 298,000 in August following a revised loss of 360,000 jobs in July.

The dollar index, a gauge measuring the greenback’s value against six other currencies, declined 0.385, or 0.5 percent, to 78.376 by the end of gold floor trading time. A weak dollar usually strengthens gold’s appeal as investors purchase the precious metal as an alternative asset of hedge.

December silver finished at 15.365 dollars per ounce, up 30.5 cents. October platinum gained 3.30 dollars to 1,230.10 dollars an ounce.

VietNamNet/Xinhuanet

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