Bloomberg Anywhere Login


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Gold, Little Changed, May Gain a Third Day on Dollar Weakness

Dec. 21 (Bloomberg) -- Gold, little changed in London and New York, may rise for the third straight day on speculation a weaker dollar will boost record investment demand through exchange-traded products.

The U.S. Dollar Index fell for the first time in three sessions against a basket of six major currencies. Gold often moves inversely to the dollar. Gold assets in ETPs rose to a record 2,114.6 metric tons as of yesterday, according to data collected by Bloomberg from 10 providers.

“We continue swinging alongside the broader market with direction mostly from currency markets, and bullion is still trading against the dollar,” said Andrey Kryuchenkov, an analyst at VTB Capital in London.

Immediate-delivery bullion rose $1.62, or 0.1 percent, to $1,386.87 an ounce at 11:48 a.m. in London. Bullion for February delivery on the Comex in New York increased $1.20 to $1,387.30 an ounce.

Gold has gained 26 percent this year, set for a 10th annual gain, as the sovereign-debt crisis in Europe and so-called quantitative easing in the U.S. hurt currencies and aided demand.

“It should push through fresh record highs early next year,” Mark Pervan, head of commodity research at Australia & New Zealand Banking Group Ltd., said on Bloomberg Television’s First Up program today. “We see it moving toward a peak of around $1,550 by around September.”

American Eagle gold-coin sales plummeted, falling to 56,000 so far this month, below the 122,500 sold in November and the 612,000 during December 2009, U.S. government data show.

Silver for immediate delivery was little changed at $29.3325 an ounce. Silver holdings in ETPs fell 0.7 percent to 15,073.22 tons as of yesterday

Spot palladium rose 0.8 percent to $748.08 an ounce, while immediate-delivery platinum gained $4.25, or 0.2 percent, to $1,716 an ounce.

Chinese platinum imports jumped to 8.5 million tons, probably on speculative demand and not increases in jewelry or industrial demand, said Edel Tully, an analyst at UBS in London.

To contact the reporters on this story: Tony C. Dreibus in London at, or Wendy Pugh in Melbourne at

To contact the editor responsible for this story: Claudia Carpenter at

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.