Gold gained in London for a third consecutive day as the dollar slid to the lowest against the euro this year, boosting the metal's appeal as an alternative investment.
"It's the usual story this morning; gold is moving on the dollar,'' Alexander Zumpfe, a trader at Heraeus Metallhandels GmbH in Hanau, Germany, which owns five precious-metal refineries globally, said today in an interview.
Gold for immediate delivery in London gained $4.70, or 0.7 percent, to $651.30 an ounce at 9:46 a.m. local time. The metal is up 0.2 percent this week, after climbing 1.2 percent last week.
The U.S. currency dropped to $1.3314 per euro, the lowest since Dec. 8, before trading at $1.3321 in London from $1.3238 in New York yesterday.
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Gold Rose on Weaker Dollar
The U.S. currency dropped to $1.3314 per euro, the lowest since Dec. 8
