Gold remains range bound.(Prices and Rates)(Brief Article)

GOLD PRICES MOVED Up to their highest in nearly a month in early June, but have since stalled and at press time were continuing to trade in a narrow range. On 8 June, London spot gold rose to US$423.70-424.40 an ounce. But the precious metal came under pressure as the dollar moved up again against the euro, encouraged by positive comments from the US' Federal Reserve chief Alan Greenspan that the country's economy was not about to experience a more serious slowdown.

The allure of rising US interest rates has helped drive the dollar up roughly 10 per cent against the euro this year and put pressure on gold as it becomes more expensive for overseas investors.

…