Gold gains with dollar down slightly

Jan. 11, 2011 at 5:28 PM
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NEW YORK, Jan. 11 (UPI) -- Gold prices rose modestly Monday along with soft commodities, including grain and oil, while the dollar index was flat, falling 0.1 percent.

On the Comex division of the New York Mercantile Exchange, gold added $6.90 per troy ounce to $1,381.

Equity markets on Wall Street posted gains as the European Central Bank purchased government bonds for the second consecutive day to shore up confidence in the euro. February delivery crude oil also rose, adding $2.01 to reach $91.26 per barrel, with trades concerned over the continued closure of the Trans Alaskan Pipeline, which supplies 9 percent to 11 percent of the daily U.S. crude oil supply.

The euro rose to $1.2973 from Monday's $1.2954. Against the yen, the dollar rose to 83.22 yen from Monday's 82.73 yen.

Although down only slightly, the U.S. dollar fell against most major currencies. Against the Hong Kong dollar, the U.S. dollar fell to 7.7748 HKD from 7.7768 HKD. The dollar fell to 1,124 South Korean won from 1,127.52 won.

Against the Canadian dollar, the U.S. standard dropped to $0.99 from $0.9932. The dollar fell to 0.9869 Australian dollars from Monday's 0.996.

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