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Gold Watch: Dollar continues to flip-flop gold
Posted on May 08, 2008
Gold futures finished the day up $10.90 to close at $882.10 an ounce on the New York Mercantile Exchange. MarketWatch reports: U.S. dollar weakness vaulted the precious metal as investors looked to it as a hedge against inflation. I am seeing the dollar catch a new wave of selling, which continues to push gold higher, said Zachary Oxman, a senior trader at Wisdom Financial. I also think we can't discount the strong moves in crude and their staying power so far, Oxman said. The dollar seems set to provide much of the day's trading direction, while the start of Akshaya Tritiya celebration in...
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