LONDON, Oct 6: The euro plunged to fresh lows against the dollar on Monday as European leaders scrambled to limit the impact of a growing financial crisis on the eurozone banking system.

The dollar, the world reserve currency continues to attract huge sums as players look to its traditional safe haven qualities despite the United States being at the epicentre of the financial storm now threatening global recession.

In late European trade, the euro was at $1.3509, recovering from a low of $1.3472 its weakest level in 14 months but well down from $1.3781 in New York late on Friday.

Dealers said sentiment on the euro was badly hit by a loss of confidence as European leaders tried to reassure the markets and savers that the crisis could be contained.

On the London Bullion Market, the price of gold jumped to $875.50 an ounce from $828 late Friday.—AFP