SARA LEPRO
AP Business Writer
July 01, 2009 03:47 pm
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NEW YORK (AP) — Prices for gold and other metals are higher as the dollar loses ground against other major currencies.
The dollar is down as stocks advance on reports showing stabilization in the manufacturing sector both in the U.S. and abroad, stoking some risk-taking among investors.
Precious metals benefit from a weak dollar as investors often use gold as a hedge against inflation.
Metals have reversed big losses from the day before that were sparked by a weak report on consumer sentiment.
Gold for August delivery is up $13.90, or 1.5 percent, to $941.30 an ounce on the New York Mercantile Exchange.
September silver is up 16 cents to $13.76 an ounce, and July platinum is up $19.80 to $1,196.50 an ounce.
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