Fighting Sports

Fighting Sports

Gold may rise this week

15 January 2007 15:42 (UTC +04:00)

Gold rose 3.3 percent last week to $626.90 an ounce in New York as dollar strengthened against euro. Gold for immediate delivery in Asia was $625.80 an ounce, APA reports. Traders donâ€™t rule out further rise.
Goldâ€™s 4.9 percent drop was observed during the first week of 2007. Experts say the precious metal may get a boost as the U.S. economy slows, eroding the value of the dollar.
A group of European central banks last year sold 395.8 tons of gold, below the 500-ton limit permitted under a special accord, the London-based World Gold Council said. Belarus, Ukraine, Greece and South Africa are among countries that increased gold reserves last year, the council said. /APA/