(Bloomberg) -- Gold and silver in New York rose on
speculation a slump in the U.S. housing market will hurt growth,
weakening the dollar and boosting the appeal of precious metals
as alternative investments.
Gold generally moves in the opposite direction of the
dollar, which fell for the third session in a row against a
basket of six major currencies. A government report showed home
construction slowed in May, a signal the Federal Reserve may not
raise interest rates anytime soon. Gold has gained 4.2 percent
this year, while the dollar index fell 1.1 percent.
Read more at Bloomberg Commodities News
speculation a slump in the U.S. housing market will hurt growth,
weakening the dollar and boosting the appeal of precious metals
as alternative investments.
Gold generally moves in the opposite direction of the
dollar, which fell for the third session in a row against a
basket of six major currencies. A government report showed home
construction slowed in May, a signal the Federal Reserve may not
raise interest rates anytime soon. Gold has gained 4.2 percent
this year, while the dollar index fell 1.1 percent.
Read more at Bloomberg Commodities News
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