Kylie MacLellan and Jan Harvey, writing for reuters state, “The dollar slipped against a basket of currencies after Russia said the world needed new reserve currencies, while the euro extended gains after a strong reading of German economic sentiment.
Oil rose above $72 a barrel as the dollar slid and U.S. housing data showed a jump in new construction starts and permits. Gold prices often track those of crude, as the metal can be bought as a hedge against inflationary pressures sparked by higher oil prices.
Spot gold was bid at $935.10 an ounce at 10:29 a.m. EDT, against $927.85 an ounce late in New York on Monday.”
The SPDR GOLD SHARES ETF (GLD) is up 0.77 (0.85%)
For a gold analysis video click: HERE
For the whole reuters story click: HERE