Gold May Climb on Speculation Weaker Dollar

Bloomberg reports that Gold may climb in New York on speculation a deal to rescue Ireland’s banks will curb a spread of the debt crisis.

The market news is quoted as saying:

The euro earlier gained for a fourth day against the dollar after European Union finance ministers said the deal will create a capital fund for Ireland’s lenders. Gold, which reached a record $1,424.30 an ounce on Nov. 9, usually moves inversely to the greenback, which was last little changed. Bullion fell 1 percent last week as moves by China to fight inflation and slow growth eroded demand for precious metals and raw materials.

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