Gold was little changed in Asia amid speculation that a rise in the U.S. dollar against...
Gold was little changed in Asia amid speculation that a rise in the U.S. dollar against the Japanese yen will erode investor demand for precious metals as an alternative investment, Bloomberg reported.
Gold for immediate delivery fell as much as $1.20, or 0.2 percent, to $662.05 an ounce, and traded at $662.45 at 11:13 a.m. Singapore time.
In Japan, gold for delivery in April 2008 gained 8 yen, or 0.3 percent, to 2,613 yen a gram ($669 an ounce) at the close of the morning session at 11:00 a.m. local time on the Tokyo Commodity Exchange.
The dollar rose to as high as 121.63 yen yesterday and traded at 121.54 as of 12:18 a.m. in Tokyo, from 121.46 late yesterday. Against the euro, the dollar also rose to $1.3454 from $1.3469 yesterday.
The U.S. currency traded near the strongest in almost five weeks against the euro as signs of an improving economy prompted traders to trim bets the Federal Reserve will cut its benchmark interest rate this year from 5.25 percent.