Tuesday, June 23, 2009
Commodity prices are rebounding from a sharp sell-off the day before as the dollar resumes its descent against other major currencies.
The dollar is down against the euro and the British pound as investors anxiously await the conclusion of the Federal Reserve's two-day policy meeting on Wednesday.
Investors largely anticipate the central bank keeping its benchmark interest rate near zero, which is likely to further pressure the dollar.
Commodities benefit from a weaker dollar because it makes them less expensive for foreign buyers.
On the New York Mercantile Exchange, gold for August delivery is up $3.30 to $924.30 an ounce, while July silver is up 14 cents to $13.8450 an ounce.
Oil prices have broken a two-day slump and are higher on the Nymex.