(Bloomberg) -- Gold rose to an 11-week high in New
York as the dollar tumbled to a record low against the euro,
boosting the appeal of the precious metal as an alternative
investment. Silver also gained.
The dollar fell to a record $1.3852 against the euro and a
26-year low against the pound today on speculation subprime
mortgage losses will deepen and reduce demand for U.S. assets.
Before today, gold had gained 6.8 percent this year as the dollar
slumped 4.4 percent against the euro.
Read more at Bloomberg Commodities News
York as the dollar tumbled to a record low against the euro,
boosting the appeal of the precious metal as an alternative
investment. Silver also gained.
The dollar fell to a record $1.3852 against the euro and a
26-year low against the pound today on speculation subprime
mortgage losses will deepen and reduce demand for U.S. assets.
Before today, gold had gained 6.8 percent this year as the dollar
slumped 4.4 percent against the euro.
Read more at Bloomberg Commodities News
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