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Gold goes up with the dollar

Oct. 3, 2012 at 5:39 PM   |   Comments

NEW YORK, Oct. 3 (UPI) -- Gold for December delivery rose modestly on the Comex division of the New York Mercantile Exchange Wednesday, as investors saw trouble in equity markets.

The Purchasing Manager's Index for China's service sector and the composite PMI for Europe were both discouraging, coming in at 53.7 and 46.1, respectively. By contrast, the service sector PMI for the United States was more encouraging at 55.1.

The data nudged the dollar higher. The dollar index added 0.25 percent to 79.95 on the International Exchange.

But worries over China and Europe trumped gains in the exchange rate. Gold added $4.40 to $1,780 per troy ounce. Silver shed 3 cents to $34.63 per troy ounce.

A troy ounce is 0.083 pound, instead of the standard ounce, which is 0.0625 pound.

The euro fell to $1.2905 from Tuesday's $1.2919. Against the yen, the dollar rose to 78.50 yen from 78.18 yen.

The British pound fell to $1.6124 from $1.6132. The Australian dollar fell to $1.0218 from Tuesday's $1.0267.

The dollar rose to 0.988 Canadian dollars from 0.9843 Canadian. The dollar also rose to 7.7559 Hong Kong dollars from 7.7551 HKD.

© 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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