http://www.bloomberg.com/apps/news?pid=20601012&sid=a1oZM0kWnxqU&refer=commoditiesJune 18 (Bloomberg) -- Gold in Asia rose for a fourth day as a decline in the dollar boosted the appeal of the precious metal as a hedge against the U.S. currency. Silver advanced.
The price of gold generally moves in the opposite direction of the dollar which fell against the euro today ahead of U.S. government reports this week that may show a slump in the housing market.
``It is dollar weakness driving it higher this morning,'' Jonathan Barratt, managing director of Commodity Broking Services in Sydney, said by phone today. ``It seems to have found an intermediate floor around $645 to $650 level and the way it is trading it could reach the $662 level soon.''
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