Gold Rises in Asian Trading as Dollar Slumps to Record Low Against Euro

(Bloomberg) -- Gold gained in Asia as the U.S.
dollar's slump to a record low against the euro boosted demand
for the precious metal as an alternative investment. Silver rose.

Gold generally moves in the opposite direction of the dollar,
which dropped against the euro after Bear Stearns Cos. reported
hedge fund losses, fueling speculation investors will spurn U.S.
assets as the economy slows. Gold has gained 4.6 percent this
year, the same advance as the euro against the dollar. Europe's
single currency traded at $1.3810 at 9:52 a.m. in Singapore after
reaching all-time high at $1.3822 earlier today.


Read more at Bloomberg Commodities News