As Dollar Fell Gold Increased in The Markets

According to Bloom-berg, due to the drop and fall in the currency - dollar, the demand for bullion as an alternative was needed; and that's the reason why Gold continued to go up for a sixth day, and this reached a four-month high. In Tokyo, Gold Futures reached the highest in almost 27 years.

At this time, the Dollar Index fell and decreased at 1.3%; this was the steepest loss since July 31. Also, the Precious Metal gained 0.7% when this event happened. As the euro reached the highest level in more than three weeks, the U.S currency began to weaken.

The immediate delivery in Gold rose 0.7% to $1,170 an ounce; this was the highest level since Dec. 4. And in Seoul it was at $1,164.50 at 3:20 p.m. Since September this change has gained for six straight days, and considered as the longest winning streak.

In February 2011, Delivery in Gold gained 0.5% on the Tokyo Commodity Exchange to 3,505 yen per gram ($1,165 an ounce); this reached the highest level since April 19, 1983. However, the contract closed at 3,498 yen.

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Source: Bloomberg.com