Myra P. Saefong
Oct 13, 2010
LONDON (MarketWatch) — Gold futures resumed their run higher, hitting an intraday high of $1,362 an ounce on Wednesday, as weakness in the U.S. dollar spurred demand for the precious metal.
Gold for December delivery rose $14.90 to $1,361.60 an ounce in electronic trading on Globex.
Earlier in the session, the contract touched an intraday high of $1,362 an ounce.
“Support is coming from a very weak U.S. dollar again, which plunged against the euro yesterday on publication of the minutes of the last Fed meeting,” said analysts at Commerzbank in a note to clients.
“The minutes were interpreted by market players to mean that the Fed is highly likely to introduce new quantitative easing measures as soon as November,” they said.
This article was posted: Wednesday, October 13, 2010 at 4:07 am