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Gold Gains as Dollar Weakens on Fed; Silver Reaches 30-Year High

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Nicholas Larkin
Nov 4, 2010

Gold rose in London as the dollar fell after the Federal Reserve said it will purchase more debt, boosting demand for an alternative investment. Silver climbed to a 30-year high and palladium reached a nine-year high.

The dollar slipped to a nine-month low versus the euro after the Fed yesterday said it will buy an additional $600 billion of Treasuries through June to boost the U.S. economy. Gold, which usually moves inversely to the greenback, is trading 1.9 percent below a record $1,387.35 set on Oct. 14.

A weakening dollar “is what’s helping gold,” said Jesper Dannesboe, a senior commodity strategist at Societe Generale SA in London. “The quantitative-easing announcement was broadly in line with expectations. The euro-dollar rally could actually help gold revisit the highs again.”

Immediate-delivery bullion added $12.32, or 0.9 percent, to $1,360.88 an ounce at 9:23 a.m. in London. The metal for December delivery was 1.7 percent higher at $1,360.50 on the Comex in New York. Futures reached a record $1,388.10 on Oct. 14.

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This article was posted: Thursday, November 4, 2010 at 4:51 am

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