praveen
05-06-2008, 05:30 PM
Gold declined in Asia as gains in the dollar eroded the appeal of the precious metal as an alternative investment and on concern that a regulatory probe into the role of speculators in commodity price gains may hurt bullion. Bullion for immediate delivery declined 3.74 dollars, or 0.4 per cent, to 877.15 dollars an ounce in Singapore. Silver fell 0.5 per cent to 16.76 dollars an ounce.
The US dollar climbed to a three-week high at 1.5385 against the euro before trading at 1.5448 in Singapore. The currency also rose against the Singapore dollar and the South Korean won as Bernanke's comment led traders to raise bets that policy makers will raise interest rates this year. The dollar rose to a three-week high against the euro after Federal Reserve Chairman Ben S Bernanke said an increase in inflation expectations is a "significant concern."
The top US commodity regulator, the Commodity Futures Trading Commission, has asked for more disclosure in agricultural markets and is investigating trading in cotton and crude oil.
The US dollar climbed to a three-week high at 1.5385 against the euro before trading at 1.5448 in Singapore. The currency also rose against the Singapore dollar and the South Korean won as Bernanke's comment led traders to raise bets that policy makers will raise interest rates this year. The dollar rose to a three-week high against the euro after Federal Reserve Chairman Ben S Bernanke said an increase in inflation expectations is a "significant concern."
The top US commodity regulator, the Commodity Futures Trading Commission, has asked for more disclosure in agricultural markets and is investigating trading in cotton and crude oil.