Gold prices in New York rose for a fourth straight session as the dollar dropped the most in almost two weeks against the euro, boosting the precious metals appeal as an alternative investment. The dollar fell versus 14 of the 16 most actively traded currencies, according to Bloomberg data. Gold has moved almost in lockstep with the euros performance against the dollar in the past two years.
We expect the market to move higher this week, as the dollar is moving a little bit lower, said Raymond Nessim, president of MKS Finance (USA) Inc, a precious-metals trader in Scarsdale, New York.
Gold futures for December delivery rose $1.70, or 0.4%, to $437.50 an ounce at 9:47 am on the Comex division of the New York Mercantile Exchange.