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Gold Stays Firm amid Eurozone Turmoil, Weaker dollar

Gold Stays Firm amid Eurozone Turmoil, Weaker dollar

Write: Rishbha [2011-05-20]

Gold futures on the COMEX Division of the New York Mercantile Exchange extended winning streak to third session on Wednesday, as investors continued to purchase gold as a hedge against widening Europe debt woes and inflationary pressures in Asia. A weaker dollar also helped push up the gold prices.

The most active gold contract for February delivery added 2.2 U. S. dollars, or 0.2 percent, to 1,388.3 dollars per ounce.