(Kitco News) -
Gold is being pressured by a stronger U.S. dollar, says A.L. Waters
Capital. “Right now, gold is somewhat stuck between opposing views on
its role as an investment class,” the firm says. “Those that see the
precious metal as a safe haven against market turmoil have seen the
recent pullback, in the ongoing instability in Europe, as a buying
opportunity. Beyond that, others
fear a general decline in asset prices, should the debt crisis
deteriorate further in Europe. The likelihood of a dollar rally in such
an event would also be a drag on gold.” As of 8:55
a.m. EDT, the euro slipped to $1.3107 from $1.3122 late Friday. Comex
April gold was $13.50 softer at $1,698 an ounce.
By Allen Sykora of Kitco News; asykora@kitco.com
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