Rodney
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Gold Gains for 1st Time in Three Days in London - 2008/11/03 19:20
Good day, traders. Monday is finally here, and gold rose for the first time in three trading sessions in London, paring its worst monthly drop in a quarter-century, after the dollar weakened against the euro, boosting the appeal of the metal as an alternative investment.
Gold declined 17 percent last month, the worst loss since February 1983. The relationship between gold and the euro-dollar exchange rate has strengthened this year, with a correlation of 0.58, compared with 0.52 a year earlier. A figure of 1 would mean the two moved in lockstep.
Gold for immediate delivery gained $13.48, or 1.9 percent, to $735.28 an ounce as of 10:47 a.m. in London. Futures for December added $16.80, or 2.3 percent, to $735 an ounce in electronic trading on the Comex division of the New York Mercantile Exchange.
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