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Gold Touches Record, Set for Third Weekly Gain
Posted By admin On April 22, 2011 @ 6:16 am In Money Watch | Comments Disabled
Sungwoo Park and Jae Hur
Friday, April 22, 2011
Gold advanced to a record, set for a third weekly gain, as a weaker dollar and debt concerns boosted the metal’s appeal as an alternative investment. Silver gained to the highest level in 31 years.
Gold for immediate delivery climbed to an all-time high of $1,512.47 an ounce before trading at $1,507.22 at 12:34 p.m. Paris time, rising 1.4 percent this week. June-delivery futures touched a record $1,509.60 yesterday on the Comex in New York, the 10th all-time high this month. The exchange is closed today for the Good Friday holiday.
“The weak dollar is having the most influence on gold at the moment,” said Chae Un Soo, a Seoul-based trader at Korea Exchange Bank Futures Co. “The market is getting more jittery now that we have sovereign-debt concerns about the U.S. in addition to Europe and the Middle East problems, which increasingly boosts safe-haven demand for gold.”
The dollar slid to the lowest level since August 2008 against a basket of six major currencies this week on speculation that the U.S. Federal Reserve will be slow to raise borrowing costs . The Dollar Index is little changed today and is set for a 1 percent weekly drop. The Fed has kept the benchmark rate between zero percent and 0.25 percent since December 2008 and pledged to purchase $600 billion in Treasuries through June to stimulate the economy.
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