Gold traders secure positions

April 12, 2012 at 5:55 PM
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NEW YORK, April 12 (UPI) -- Gold futures turned higher Thursday on the Comex division of the New York Mercantile Exchange, as the dollar index fell 0.51 percent.

Traders also acted on suggestions by two Federal Reserve officials that there might be more financial stimulus in the future.

MarketWatch reported Thursday New York Fed President William Dudley said the economy was not ready to maintain strong job growth.

Vice Chair of the Fed's Board of Governors Janet Yellen made a similar comment Wednesday.

Gold traders predicting more stimulus measures are betting on the weaker dollar that comes with quantitative easing. Gold is a standard hedge against that possibility.

With the dollar down Thursday, gold added $16.20 per troy ounce, while silver gained 85 cents to $32.37 per ounce.

The euro rose to $1.3188 from Wednesday's $1.3109. Against the yen, the dollar rose to 80.90 from Wednesday's 80.87 yen.

The British pound rose to $1.5959 from $1.5906. The dollar was 7.7639 Hong Kong dollars from 7.7647 Hong Kong dollars.

Against the Canadian dollar, the greenback fell to 0.9943 Canadian from 1.0038 Canadian. The Australian dollar rose to $1.044 from $1.0299.

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