Gold hits new all-time high as weak dollar boosts demand
- Source: Xinhua
- [08:29 October 14 2009]
- Comments
Gold futures on the COMEX Division of the New York Mercantile Exchange set another record high on Tuesday, pushed by a weak dollar. Silver and platinum both ended higher.
The most active gold contract for December delivery climbed 7.50 US dollars, or 0.7 percent, to finish at 1,065 dollars an ounce. It rallied to a historic high of 1069.70 during the morning electronic session, extending the old record of 1,062.70 set last Tuesday.
A weak dollar is still the most important factor which helped the precious metal reach the fourth record high in recent six trading days.
By the end of gold floor trading time, the dollar index, a gauge measuring the greenback's value against a basket of major currencies, slipped 0.275 to 76.015 from 76.290 on late Monday. Meanwhile, the rate against euro touched a 13-month low of 1.4874 dollars.
Dollar's continuous weakness makes investors more optimistic that the yellow metal may climb higher in the near future. Some analysts said gold could certainly make a move to 1,100 dollars before a correction occurs.
December silver was up 2 cents to at 17.84 dollars per ounce. January platinum rose 13.40 dollars to 1360.70 dollars an ounce.
