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Gold hits fresh high as US dollar falls to three-year low

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Zoe Wood
London Guardian
April 28, 2011

Gold climbed to a fresh high of more than $1,532 an ounce after US Federal Reserve chairman Ben Bernanke effectively ruled out an early interest rate rise, sending the US dollar skidding to three-year lows.

On Wednesday Bernanke used his first ever live press conference to warn the US deficit is “not sustainable” and pledged to keep US interest rates low in order to keep the country’s tentative economic recovery on track.

In what was a second record-breaking day for gold, the spot price hit $1,532.91 (£918) an ounce. First quarter US GDP data is due to be released at 13.30 BST and Bernanke predicted a weak performance with growth below 2% and indicated it would be at least two more meetings before the Fed considered raising rates.

The Fed has kept rates low and pumped cash into the economy in an effort to boost lending but that policy has also helped inflate the prices of dollar-based commodities such as oil, which has risen by 50% since last summer.

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This article was posted: Thursday, April 28, 2011 at 3:02 am

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