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Gold hits record high

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Julia Kollewe
London Guardian
Monday, Nov 9th, 2009

Gold has hit a fresh all-time high this morning, as the weakening US dollar prompted investors to increase their bullion holdings.

The dollar came under pressure after Friday’s worse-than-expected US jobless data and the G20 meeting at the weekend reinforced expectations that American interest rates will not rise any time soon.

This pushed the spot price of gold, seen as a safer investment, to a new record of $1,108.05 an ounce – and extended last week’s gains of almost 5%.

Sterling also rose, hitting a three-month high against the dollar today of $1.6800. Other precious metals such as silver, platinum and palladium also firmed, while crude oil rose nearly 2% in early trade.

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This article was posted: Monday, November 9, 2009 at 4:43 am

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