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Stock slump gives gold an edge

April 10, 2012 at 4:43 PM   |   Comments

NEW YORK, April 10 (UPI) -- Gold futures gained ground Tuesday on the Comex division of the New York Mercantile Exchange, as investors searched for shelter from marginalized equities.

After ending the first quarter with gains, stocks on Wall Street slumped for the 10th consecutive trading session. On Tuesday, gold looked like a safe alternative.

In New York, gold added $16.40 to reach $1,660.30 per troy ounce, while silver added 20 cents to $31.72 per ounce.

The dollar index was virtually flat, rising 0.05 percent to 79.84 on the International Exchange.

The euro fell to $1.3084 from Monday's $1.3106. Against the yen, the dollar fell to 80.70 from Monday's 81.49 yen.

The British pound fell to $1.5873 from $1.5893. The dollar was 7.7646 Hong Kong dollars from 7.7655 Hong Kong dollars.

Against the Canadian dollar, the greenback rose to 1.0039 Canadian from 0.9976 Canadian. The Australian dollar fell to $1.0255 from $1.0313.

© 2012 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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