New York, December 10: Gold today gained for the first time in five days in New York as a weaker dollar encouraged investors to buy bullion after its slide from a record last week.
Bullion futures for February delivery on the New York Mercantile Exchange gained USD 9.70 or 0.9 per cent to USD 1,130.60 an ounce.
The metal typically moves inversely to the dollar and yesterday dropped to its lowest price since Nov 13. Gold in spot trading in London was 0.2 per cent up at USD 1,130.30.
The US currency fell against the euro after yesterday reaching a one-month high. Gold futures, which climbed to a record USD 1,227.50 on Dec 3, had dropped this week as investors were inclined to pocket profits on recent gains ahead of year-end.
The precious metal has fallen 7.
–Agencies