Money Matters - Simplified

Gold gains on weaker dollar

New York -- Gold prices rose in New York Monday as equities moved sharply higher and the dollar index moved lower, down 0.64 percent.

The Dow Jones industrial average surged higher, up 2.27 percent. The Standard & Poor's index gained 2.16 percent, while the Nasdaq index gained 2.05 percent.

Investments found support from improved fundamentals with payroll firm Automatic Data Processing Inc. reporting private sector jobs rose for the 16th consecutive month in November

On the Comex division of the New York Mercantile Exchange gold prices gained $2.50 to $1,388.60. Crude oil prices for January delivery added $2.66 to $86.77 per barrel.

The U.S. dollar rose against the Australian dollar and fell against the South Korean won. It lost broadly against European currencies, despite gaining against the euro.

The euro fell to $1.3136 from Tuesday's $1.3137. Against the yen, the dollar rose to 84.20 yen from Friday's 84.17 yen.

The Australia dollar fell to $0.968 from $0.9688. Against the Hong Kong dollar, the U.S. standard fell to 7.7679 HKD from 7.7681 HKD.
The dollar fell to 1,149 South Korean won from Tuesday's 1,149.95 won.

Copyright 2010 United Press International, Inc. (UPI).

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