Thursday, 13th January 2005 (3031 views)

Gold slightly depreciated in value today, as the dollar recouped some of its lost ground against the euro.

Spot gold stood at $425.10/425.60 per troy ounce this morning, down from $425.65/426.40 on Wednesday.

A widening of the US trade deficit sent the dollar even lower on Wednesday and pushed the price of gold to $427.35.

Gold traditionally has an inverse relationship with the dollar. One dealer commented: "Yesterday's jump was all on the back of the trade figures -- the euro rally seems to have run out of steam now so I wouldn't be surprised if gold drifted back towards $422 today."

James Moore of TheBullionDesk.com said: "For the moment, gold should find support around $425/426 with resistance seen between $430-32, but I think we will see gold work back towards $432-45 before heading back towards $455-58."

 

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