Gold edges up

London, March 30 | Updated: Mar 31 2005, 05:30am hrs
Gold prices rose in Europe on Tuesday, with buyers encouraged by a recovering euro against the dollar, but dealers said movements would be limited as the end of the first quarter approached.

Spot gold stood at $427.00/427.75 per troy ounce by 1046 GMT, compared with $425.90/426.60 late in New York on Monday. The London market was closed on Friday and Monday for Easter holidays. The market is moving slowly so far theres not much open interest at the moment and funds are neither here nor there, one dealer said.

Id say that $429 should offer resistance but I dont see prices moving very far from current levels, he added. The euro moved up against the dollar, but was still within sight of recent six week lows ahead of this weeks US data, which might enhance the case for further US interest rate rises.

Reuters