Gold Hits 4 - Week Low After U.S. Data

Gold prices fell 1 percent to four-week lows in Europe on Friday, giving up the gains which earlier took them above $1,140 per ounce, as upbeat U.S. economic data lifted the dollar.

Spot gold hit a low of $1,115.35 and was bid at $1,119.90 an ounce at 3:27 p.m., against $1,130.15 late in New York on Thursday. Earlier it rose as high as $1,141.90 an ounce.

The dollar recouped its early decline to turn higher against the euro midafternoon after data showed U.S. retail sales rose more than expected in November, raising hopes of a self-sustaining economic recovery.

Read Full Article from New York Times

- Posted: 2009-12-11 12:58:45

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