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Gold prices up, dollar slips

08-04-2010 11:25 BJT

Gold prices surged in the international market. Gold futures on the New York Mercantile Exchange extended gains for the 5th consecutive session on Tuesday, capping the longest rally in almost four months.

As a major gold producer and consumer, China's move to broaden its gold market has pushed up gold prices, as it means more demand for the precious metal. Another reason for the rise is the weaker U.S. dollar. A batch of disappointing U.S. economic data unsettled investors and weighed heavily on dollar.

The weaker dollar made dollar-priced bullion more affordable for buyers of other currencies, and boosted gold's appeal as an alternative investment.

Editor:Xiong Qu |Source: CNTV.CN

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