Gold Swings Between Gains and Losses on Physical Demand, Dollar - report
Gold swung between gains and losses in New York amid signs of improving physical demand and as a stronger dollar curbed demand for an alternative investment, Bloomberg reported.
Physical gold dealers in India, last year's biggest buyer, cited a "notable pickup" in the past couple of sessions amid lower prices there, Barclays Plc said today in a report. Indian consumers usually boost purchases before the wedding season and religious festivals later this year. The U.S. Dollar Index, a measure against six major trading partners, climbed near a six- week high as pressure mounted on Spain to request aid.
Gold for December delivery fell 0.1% to US$1,710.50 an ounce by 7.47 a.m. on the Comex in New York. Prices gained as much as 0.3% and fell as much as 0.2%. Bullion for immediate delivery was 0.1% lower at $1,709.82 in London.
CME Group Inc., the owner of Comex, said the New York trading floor will be closed today as Hurricane Sandy headed toward the city.
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