Gold eases after Fed rate hike

February 19, 2010 Share Print 0

Gold eased in Europe on Friday as the U.S. dollar surged to nine-month highs versus the euro, but erased much of its earlier decline as investors bought the precious metal to hedge against financial market risk.

Spot gold was bid at $1,107.45 (U.S.) an ounce at 1032 GMT, down from $1,111.40 late in New York on Thursday but well off an earlier low of $1,098.55.

The metal was sharply lower in Asia but met buying interest in early European trade amid fears over instability in the currency markets. The euro is suffering from dollar strength and concern over the fiscal health of smaller euro zone economies.

Globe and Mail

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Alfonso Esparza

Senior Currency Analyst at Market Pulse

Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.