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Gold prices continued on the firm side overnight, supported primarily by a 0.13 point loss in the US dollar on the trade-weighted index (now at 79.56).Quarter-end position squaring was still in the cards for the remainder of the day, but the metal looked set to close out the period with a third quarterly gain - driven mostly by its May spec fund-flavoured surge. Gold is still off by more than 4% on the month and is only showing a 1.59 percent year-on-year gain, but the echoes of the May rally carry over strongly. The greenback sank on the heels of rising optimism about the prospects for the US recovery. Recall that it was the US that went into this awful tunnel first, and it did so headlong. All things being equal, one would logically expect that it will also be the one to emerge from this credit crisis cave, first.
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