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Gold Fluctuates in London After Advancing to a Record; Silver Reaches $22

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Nicholas Larkin and Sungwoo Park
Sept 29, 2010

Gold fluctuated in London after climbing to a record for a fourth day on demand for an alternative to a weakening dollar. Silver reached the highest price since 1980.

The dollar was steady against the euro after falling to a five-month low on speculation the Federal Reserve will add to monetary easing to bolster the slowing U.S. economy. Gold held in exchange-traded products climbed the most in more than three months yesterday to an all-time high. Silver touched $22 an ounce.

“Speculation of additional stimulus measures and its inflationary implications longer-term continues to draw investors toward gold and silver,” along with a weaker dollar, said James Moore, an analyst at TheBullionDesk.com in London. “Pockets of profit-taking are expected in the run-up to month and quarter end.”

Immediate-delivery bullion added as much as $4.40, or 0.3 percent, to $1,313.45 an ounce and traded at $1,308.85 at 10:52 a.m. in London. Prices swung between a gain of 0.3 percent and a loss of 0.2 percent. Gold for December delivery was up 0.1 percent at $1,309.80 an ounce on the Comex in New York after reaching $1,314.80.

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This article was posted: Wednesday, September 29, 2010 at 3:37 am

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