Friday, November 20, 2009
Gold prices scaled historic heights above $1,150 per ounce this week, buoyed by the weak greenback and recent central bank purchases of the precious metal, analysts said.
Traders said the dollar’s overall weak tone was due to the prospect of US interest rates remaining close to zero for some time yet.
PRECIOUS METALS: Gold hit an all-time peak at $1,152.85 an ounce on Wednesday, extending this year’s record-breaking run.
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“The price of gold moved further north as the dollar’s decline continued,” said analyst Marius Paun at ODL Markets.
“Whilst the US Federal Reserve continues to reiterate that interest rates will remain low, investors appear willing to buy in the precious metal.”
This article was posted: Friday, November 20, 2009 at 1:51 pm