Gold rises as Russia comments weigh on dollar (ETF: GLD)

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June 16, 2009 11:03am ETF BASIC NEWS NYSE:GLD

gold-bullRussian President Dmitry Medvedev told a regional summit that the creation of new reserve currencies in addition to the dollar is needed to stabilize global finances. This comes on the heels of  Russian Finance Minister Alexei Kudrin who stated just yesterday that the dollar’s status as the world’s main reserve currency wasn’t likely to change soon. Yesterday’s news caused a dollar gain, today’s comments By Medvedev is causing a dollar decline and a rise in gold and oil prices.

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

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