Gold gained in Asia for a second day as weakness in the dollar bolstered demand for the precious metal as a store of value. Gold for immediate delivery advanced 0.2 percent to $953.35 an ounce at 12:35 p.m. in Singapore. The metal has gained 8.1 percent this year, while the Dollar Index dropped 3.1 percent. Gains in the metal may stall as the market is struggling to push beyond resistance near 955 and the risks are for it to pull back to 932 as inidicated by Fibonacci ratios.
The yen fell the most in a week against the euro as Japanese financial companies prepared to raise at least 700 billion yen ($7.42 billion) for funds that will invest in international assets.
The yen fell to 134.38 per euro as of 7:35 a.m. in London from 133.18 in New York yesterday. The yen dropped to 94.27 versus the greenback from 93.68. The dollar slid to $1.4256 per euro from $1.4220.
The pound slipped against the euro and was little changed versus the dollar. The British currency fell 0.2 percent to 86.41 pence per euro as of 6:41 a.m. in London. The pound traded at $1.6487, from $1.6493 yesterday.
