Gold rebounds on reports of obama currency comment

Gold rebounded this week after reports emerged in the media of Obama reportedly stating his concern about the dollar's strength.

The US currency has enjoyed a strong performance this year, notes Bloomberg, gaining 4.2 per cent against other major currencies monitored by the news agency - a performance only beaten by the Swiss franc.

However, Obama reportedly told delegates at a Group of Summit summit this week that the strength of the dollar was a concern, as it would hamper US exports and other trade, particularly during a time when the Grexit could yet materialise.

In response the dollar slipped 0.9 per cent, a dip that helped gold futures rebound from an 11-year low.

"The dollar is weaker, and that’s certainly helping precious metals, especially gold and platinum," James Cordier, the founder of Optionsellers.com in Tampa, tells Bloomberg.