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Gold Advances to Record in London on Demand for a Dollar Hedge
Posted By admin On December 2, 2009 @ 5:52 am In Money Watch | Comments Disabled
Nicholas Larkin and Kim Kyoungwha
Wednesday, Dec 2nd, 2009
Gold surged to a record for a second day in London and New York as investors stepped up purchases to protect their wealth against a slumping dollar. Other precious metals climbed.
Bullion has risen 38 percent this year as the dollar has dropped 8.4 percent against a basket of six currencies. Central banks, pension funds and individuals have bought gold as a hedge against potential currency debasement and inflation. The precious metal is climbing “like there is no tomorrow,” David Thurtell, an analyst at Citigroup Inc., wrote in a report.
“Pressure remains on the dollar,” said Peter Fertig, the owner of Quantitative Commodity Research Ltd. in Hainburg, Germany. “A weaker dollar is the main driver for gold, alongside speculation that central banks may buy more.”
Gold for immediate delivery gained as much as $20.63, or 1.7 percent, to $1,217.23 an ounce and traded at $1,214.70 by 9:54 a.m. in London. Bullion futures for February delivery on the New York Mercantile Exchange’s Comex unit were 1.3 percent higher at $1,215.50 an ounce after earlier reaching $1,218.40.
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