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Gold sets a new record; silver hits 30yr high

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Gulf Times
Wednesday, October 13, 2010

Gold surged nearly 2% to a record high near $1,375 an ounce yesterday, boosted by worries over dollar depreciation after the Federal Reserve signalled it would start buying government debt again to stimulate the economy.

Gold prices have rallied 25% so far this year as investors sought safe havens while the Fed and other central banks profess readiness to inject more money into the financial system

Silver hit a 30-year peak to approach $24 an ounce, and the Reuters/Jefferies CRB index – a barometer for commodities – rose above 300 points for the first time in two years, as the dollar fell broadly on reinforced expectations of more US easing.

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This article was posted: Wednesday, October 13, 2010 at 2:04 pm





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