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Gold Prices Bounce Back After 6-Week Low

Written By Luke Burgess

Posted June 23, 2009


After hitting a six-week low of $913.20 an ounce overnight, gold for August delivery is up slightly to $923.80 an ounce this morning as the US dollar fell against the euro and Japanese yen.

Concerns about reserve diversification away from US assets caused a drop in the dollar against the euro ahead of the Federal Reserve’s monthly meeting, after Moody’s said that America’s AAA rating could be at risk if the dollar was challenged as the world’s main reserve currency.

In other precious metals, silver at $13.80 an ounce, platinum was down slightly to $1,167.00 an ounce, while palladium strengthened to $233.50 an ounce.