Gold eased on Tuesday as investors booked profits after prices hit record highs the day before, but sentiment was underpinned by a weak dollar which makes bullion cheaper for holders of other currencies and boosts its appeal as an alternative asset.
Traders said gold may slide to as low as $1,145-$1,150 in a
near-term correction, but the market was bound to recover given
no change in supportive factors such as the weak dollar,
expectations for low U.S. interest rates and bullish sentiment
after gold purchases by some central banks.
Monday, November 23, 2009
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