MW: Gold rises above $1,000 as dollar touches fresh one-year low
By Moming Zhou, MarketWatch
NEW YORK (MarketWatch) -- Gold futures rose above $1,000 an ounce again Friday, heading for their fourth weekly gain as the U.S. dollar fell against the euro to a fresh one-year low, boosting gold's investment appeal.
The thinly traded September gold contract was last up $5.70, or 0.6%, at $1,001.10 an ounce. The contract had hit an 18-month high of $1,006.90 on Tuesday. The contract is set to end the week up about 0.6%.
The more actively traded December contract rose $5.90, or 0.6%, to $1,002.70 an ounce.
In currencies trading, the dollar fell for a fourth session, with the euro rising 0.1% against the dollar to $1.4592. The euro hit $1.4627 earlier in the session, the highest level since last September. The dollar index (DXY 76.53, -0.29, -0.37%) was down 0.2% at 76.661.
"Gold continues its steady upward move helped by technical buying and lower dollar," said George Gero, a precious-metals trader for RBC Capital Markets.
Holdings in SPDR Gold Trust (GLD 99.09, +1.39, +1.42%) , the biggest gold exchange-traded fund, stood at 1,077.63 metric tons Thursday, unchanged for a fourth session.
In other metals dealings, silver for December delivery gained 17 cents, or 1.1%, to $16.84 an ounce. October platinum added $8.10, or 0.6%, to $1,297.80 an ounce, while December palladium added 55 cents, or 0.2%, to $294 an ounce.
Copper for December delivery was almost flat at $2.875 a pound.
