Gold rose in Asia, nearing a 16-month high, as the US dollar traded within half a cent of its record low against the euro, boosting the appeal of the precious metal as an alternative investment.
Silver was little changed despite gold price changes.
Gold for immediate delivery rose USD 1.80, or 0.3 per cent, to USD 723.20 at 10:30 am in Singapore, close to the USD 726.95 an ounce it touched on Sept. 18, the highest since May 2006. Silver was little changed at 12.95 dollar an ounce.
The dollar fell to 1.3976 dollar per euro in Singapore, from 1.3958 late yesterday in New York. It touched a record 1.3988 dollar on Sept. 18 after the Federal Reserve cut its interest rate for the first time in four years.
The December delivery gold contract rose 1.30 dollar, or 0.2 per cent, to 730.80 dollar an ounce today on the Comex division of the New York Mercantile Exchange. - DDNEWS
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