BLBG: Gold Gains in N.Y. on Extended Dollar Slide, U.S. Debt Concerns
Gold prices rose in New York as the dollar weakened amid concern that the top-quality credit rating of the U.S. may be cut.
Gold futures for June delivery gained $6.50, or 0.7 percent, to $957.70 an ounce at 8:27 a.m. on the New York Mercantile Exchange’s Comex division. The U.S. Dollar Index, a six-currency gauge, slumped for a fifth straight day, losing as much as 0.7 percent. Bill Gross, the manager of the world’s largest bond fund, said yesterday that a downgrade of U.S. debt will occur “eventually.”
