Dollar Hits Five-Month Low, Gold Hits Two-Month High
22 May 09 | FT
The dollar dropped to its lowest level so far this year as optimism that the worst of the financial crisis may be over stemmed haven demand for the currency.
Over the week, the dollar dropped 3.8 per cent to a four-month low of $1.4010 against the euro, fell 0.8 per cent to Y94.25 against the yen and lost 3.2 per cent to SFr1.0863 against the Swiss franc. >>>
Gold prices hit a two-month high at above $950 an ounce on Friday in a sign that investor buying could still support bullion prices, in spite of a 20-year low in consumption of jewellery, the traditional backbone of the market.
Jewellery demand fell by almost a quarter between January and March compared with the same period in 2008, to 339.4 tonnes. >>>