Gold climbs on weak dollar

Gold has been on the rise in recent days and weeks, as the dollar has softened. Similar to oil,... ... gold is a commodity that tends to move inversely with the dollar during uncertain economic times. Earlier in 2008, the gold spot rate soared to a record near $1,020 per ounce, its highest point since the dollar’s value was floated against the natural resource. The gold spike months ago developed in synch with the greenback’s plummet to historic lows against most major currencies, including the yen, Euro, British Pound, Swiss Franc, and more. Since its high point, the gold spot rate had settled back and forth of $900 per ounce for some time. It dropped just above $850 briefly before its recent steady rise. Gold, similar to oil, rises when the dollar falls because it is not a commodity that is efficiently developed and... [read full story]