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.