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Gold hits record high past $1,160 per ounce

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Monday, Nov 23rd, 2009

The price of gold soared to a record close of 1,166.00-1,167.00 US dollars an ounce in Hong Kong on Monday as dealers moved into the safe haven commodity due to the weak greenback, analysts said.

It opened at 1,158.00-1,159.00 US dollars.

The precious metal was up from Friday’s close of 1,145.00-1,146.00 dollars as stocks on Wall Street suffered a third straight loss and as the US unit continues to struggle due to super-low interest rates.

“We closed on the day’s high Friday, so that prompted more buying this morning,” Anderson Cheung, director of precious metals at Mitsui Bussan in Hong Kong, told Dow Jones Newswires.

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This article was posted: Monday, November 23, 2009 at 4:37 am

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