Gold advances for the first day

Gold may gain for the first time in three days in New York as a weaker dollar spurs demand for gold as an alternative investment, as Bloomberg stated.

The dollar fell versus the euro before the European Central Bank allots a second round of unlimited three-year funds to help the region’s banks tomorrow. Global equities traded near a six- month high earlier today after Germany’s parliament voted to approve a second aid package for Greece. Holdings in gold-backed exchange-traded products extended a climb to a record yesterday.

Chuck Jeannes, – CEO at producer Goldcorp Inc. – said “I like the $1,700 to $2,000 range based on the macroeconomic factors as they exist today”