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0

22

Gold Retrieves 1.1% Drop

Four weeks on from Gold soaring at $1,034 per ounce, the Gold Price recovered a 1.1% drop early Monday as a sharp bounce in the US Dollar failed to hold following this weekend's meeting of G7 finance ministers in Washington

Four weeks on from Gold soaring at $1,034 per ounce, the Gold Price recovered a 1.1% drop early Monday as a sharp bounce in the US Dollar failed to hold following this weekend's meeting of G7 finance ministers in Washington.

The spot Gold Market had earlier dropped to a three-day low beneath $915 per ounce, while the Euro gapped down Euro 1.5 against the Dollar at the opening in Asia.

The US Dollar also knocked 1.3% off the Japanese Yen after the G7 noted "sharp fluctuations in major currencies [and] their possible implications for economic and financial stability."

But the Group of Seven rich nations stopped short of announcing any formal G7 Action in the Currency Markets – leaving the Euro to recover all of its losses at $1.5840 by lunchtime in Frankfurt – and chose instead to discuss social unrest in poorer countries caused by surging food prices.