Gold prices rose to an eight-year high in Europe on Monday
Enviado: 8/12/2003 23:14By Jonathan Saul
LONDON, Dec 8 (Reuters) - Gold prices rose to an eight-year high in Europe on Monday due
to a weaker dollar and jitters about the U.S. economy before sliding lower, but dealers expected
further gains in the coming days.
Spot gold touched a high of $409.10 a troy ounce during the session, last seen in February
1996. Bullion ended up at $406.25/406.95 in Europe, compared with $406.10/406.60 at Friday's
close in New York.
Dealers and analysts said gold was eyeing new highs as it responded to the weak dollar, which
makes bullion cheaper for holders of other currencies, like the euro, and on concerns about the
pace of U.S. economic recovery.
Bullion's profile as a haven for investors was highlighted when fresh data showed that U.S.
non-farm payrolls gained just 57,000 in November, well below market expectations.
"The currencies still have a large influence over the market short-term and with the euro
showing no sign of slowing I would expect gold to increase its highs over the course of the coming
week," James Moore of the BullionDesk.com said in a daily report.
LONDON, Dec 8 (Reuters) - Gold prices rose to an eight-year high in Europe on Monday due
to a weaker dollar and jitters about the U.S. economy before sliding lower, but dealers expected
further gains in the coming days.
Spot gold touched a high of $409.10 a troy ounce during the session, last seen in February
1996. Bullion ended up at $406.25/406.95 in Europe, compared with $406.10/406.60 at Friday's
close in New York.
Dealers and analysts said gold was eyeing new highs as it responded to the weak dollar, which
makes bullion cheaper for holders of other currencies, like the euro, and on concerns about the
pace of U.S. economic recovery.
Bullion's profile as a haven for investors was highlighted when fresh data showed that U.S.
non-farm payrolls gained just 57,000 in November, well below market expectations.
"The currencies still have a large influence over the market short-term and with the euro
showing no sign of slowing I would expect gold to increase its highs over the course of the coming
week," James Moore of the BullionDesk.com said in a daily report.