Gold and silver both rose today (June 29) in New York following the dollar's slide against the euro, Bloomberg reports.
The dollar suffered its biggest drop against the euro in a week, prompting investors to bank on the security offered by precious metals.
Gold futures for August delivery rose by 0.3 per cent to $652.20 an ounce at 9am this morning on the New York Mercantile Exchange's Comex division. Silver futures for September delivery dipped by 0.6 per cent to $12.58 per ounce.
"The currencies are keeping gold afloat," said Marty McNeilll of stock brokerage RF Lafferty. "You can get a minor rally off the weaker dollar."
Other factors helping gold to rally included firmer oil prices, according to Reuters.
"The precious metals markets bounced on a combination of easing in credit market concerns, which encouraged bullion buying and a rally in oil and other commodities," HSBC said.