Gold rises above $1,060 on gains in euro, oil
NEW YORK/LONDON (Reuters) - Gold prices clawed back above $1,060 an ounce Wednesday as oil rallied and the euro rose above $1.50 for the first time in 14 months.
The metal continued to take heart from a steadily falling dollar. Investors were turning to gold as the depreciation of global currencies threatened the value of paper assets.
Weak physical demand among jewelers and exchange-traded funds has put gold at the mercy of the currency markets, traders said.
