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Gold hits new record high on dollar weakness

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David Gardner
London Telegraph
Monday, Nov 16th, 2009

Gold prices hit a fresh record high above $1,130 an ounce on Monday and traders reported fund buying, with a weak dollar offering additional support.

“Someone had an interest in making a new high,” said Michael Kempinski, a trader at Commerzbank. “Technically it’s looking quite good now … quite bullish levels.”

“There is no bullish news that can give a reason for the move, so maybe someone is playing games and trying to protect their position,” he added. “$1,150 is the next level.”

Mr Kempinski added that gold, which touched a high of $1,132.95, was also buoyed by a weaker dollar and rising oil prices.

A weak US currency makes metals priced in dollars less expensive for holders of other currencies.

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This article was posted: Monday, November 16, 2009 at 4:59 am

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