Dollar Rebounds as China Comments Sent Gold Down, Sterling and Euro Weak

09 March 2010 @ 04:49 pm EDT

Dollar rebounded strongly in European session as Gold was hit to as low as 1115 following comments from China. Yi Gang, director of China's State Administration of Foreign Exchange said that whole gold is "not a bad asset", the ability to have more investment in gold is limited by "a few factors". Yi said that return on gold in the past 30 years hasn't been great. Also, gold will unlikely be a primary investment for China's reserves. Gold extended the fall from last week's high of 1145.8 and dipped to as low as 1115.3 so far. Meanwhile, dollar index was given a boost to 80.80.

Copyright 2009 ActionForex, All rights reserved.

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