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Gold Prices Rise Above $1,010

Wall Street Journal [1]
Friday, September 11, 2009

Most-active gold futures early Friday surpassed the multimonth high hit early in the week due to a combination of a stronger euro and crude oil and buying by large speculators.

Around 10 a.m. Eastern, December gold was up $13.60 to $1,010.40 an ounce on the Comex division of the New York Mercantile Exchange. The contract peaked at $1,013.70 an ounce, its most muscular level since $1,015 back in February.

December silver was up 24 cents to $16.91.



“It’s the stronger oil price and also the push by the euro to new highs,” said Jim Steel, metals analyst with HSBC.

The euro has peaked at $1.4636, its strongest level since December. October crude oil has hit a high of $72.90 a barrel, its loftiest level since Aug. 31.

Full story here. [1]