Gold Rally Reflects Long-Term Dollar Woes - Platts Exec
LONDON (Dow Jones)--The gold price rise in U.S. dollar terms is an indication that the currency has problems that are unlikely to go away, Jorge Montepeque, director at Platts, said at the S&P Goldman Sachs Commodity Index seminar in London.
Montepeque said while gold has risen in dollar terms it has fallen in euro terms. "It tells me the dollar has a huge problem and I don't think it will improve," Montepeque told the audience at the seminar.
Montepeque said U.S. debt is a large reason for that.
At 1414 GMT, spot gold was trading at $1,007.50 a troy ounce, up 15% since the start of the year.
-By Devon Maylie, Dow Jones Newswires; +44 (0)20 7842 9483; devon.maylie@dowjones.com
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(END) Dow Jones Newswires
September 24, 2009 10:23 ET (14:23 GMT)
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