London gold up sharply as dollar slipsLondon gold up sharply as dollar slips
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Gold rose sharply in London on Wednesday morning, driven by favourable currency factors as the dollar dropped heavily against the euro, making dollar-denominated gold cheaper for non-U.S. investors, dealers said.
By 0938 GMT, spot gold was at $397.00/397.75, having touched a day high of $397.40. That compared with $392.30/392.80 quoted late in New York on Tuesday.
The dollar slid to its lowest in over three months against the euro on Wednesday as high oil prices and mixed U.S. data curbed expectations for aggressive rises in U.S. interest rates.