Daily Gold Update

Source: Bloomberg

New York— Gold rebounded from the lowest in a month as the dollar weakened against the euro, boosting the appeal of the precious metal as an alternative investment. Silver declined. The dollar fell as much as 0.5 percent against the 15- nation currency after rallying 1.5 percent in the previous three sessions. Gold, priced in dollars, generally moves in the opposite direction of the greenback. The metal reached a record $1,033.90 an ounce in March as the dollar headed to an all-time low of $1.6038 per euro on July 15.

“The dollar rally already seems to be running out of steam — again,'' said Adrian Day, president of Adrian Day's Asset Management in Annapolis, Maryland. “That should keep support under gold.'' See full story.