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PRECIOUS-Gold hits record high as dollar slides

Posted By admin On November 11, 2009 @ 4:28 am In Money Watch | Comments Disabled

Jan Harvey
Reuters [1]
Wednesday, Nov 11th, 2009

Gold rose to record highs above $1,115 an ounce on Monday as the dollar slid to 15-month lows, with hopes for a global economic recovery and gains in equity markets boosting the appeal of higher-yielding currencies.

Gold is poised for further gains, analysts said, with the weak dollar helping the metal build on a rally that began last week after the IMF sold 200 tonnes of bullion to India’s central bank, raising the prospect of more official sector buying.

Spot gold XAU= hit a high of $1,117.05 an ounce and was at $1,115.30 at 0956 GMT versus $1,105.30 late in New York on Tuesday. U.S. gold futures for December delivery GCZ9 on the COMEX division of the New York Mercantile Exchange rose $13.30 to $1,115.80.

“The way gold keeps accelerating away from its previous highs is quite incredible,” said Saxo Bank senior manager Ole Hansen. “Continued momentum is driving prices higher. Whenever we see new highs, we see more momentum buying.”

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