HK gold opens higher
Wednesday, 3 October 2007
HONG KONG, Oct 2 (AFP): Hong Kong gold prices traded higher at opening today as the US dollar touched a fresh record low overnight in New York and oil prices held over 80 dollars a barrel, dealers said.
Gold opened at 743.80-744.30 US dollars an ounce, up from Friday's close of 737.50-738.00 dollars. The market was closed Monday for a public holiday.
"Gold is trading higher because the US dollar remained quite weak at the moment and the oil prices are still quite high," said Gary Yue, gold dealer at Delta Asia Financial Group.
"I expect there will be a slight adjustment before it goes higher again," he said.
Gold prices climbed as investors sought shelter from a weakening dollar.
The dollar touched a fresh record low against the euro overnight in New York before seeing a modest rebound as traders prepared for a labour market report this week which will give fresh insight into the strength of the US economy.
Gold opened at 743.80-744.30 US dollars an ounce, up from Friday's close of 737.50-738.00 dollars. The market was closed Monday for a public holiday.
"Gold is trading higher because the US dollar remained quite weak at the moment and the oil prices are still quite high," said Gary Yue, gold dealer at Delta Asia Financial Group.
"I expect there will be a slight adjustment before it goes higher again," he said.
Gold prices climbed as investors sought shelter from a weakening dollar.
The dollar touched a fresh record low against the euro overnight in New York before seeing a modest rebound as traders prepared for a labour market report this week which will give fresh insight into the strength of the US economy.