Gold hits new all-time high for third session as dollar tumbles
www.chinaview.cn 2009-10-09 05:12:27   Print

    CHICAGO, Oct. 8 (Xinhua) -- Gold futures on the COMEX Division of the New York Mercantile Exchange extended the record high to a new level for the third straight session on Thursday, pushed by a plunging dollar. Silver and platinum both ended higher.

    The most active gold contract for December delivery rallied 11.90 dollars, or 1.2 percent, to finish at a record closing level of1056.30 dollars an ounce. It touched as high as 1062.70 earlier in the session, shattering the old peak of 1049.70 set on early Wednesday.

    More and more evidences indicate that the economy is on the way to recovery.

    The International Council of Shopping Centers-Goldman Sachs reported that sales at major retailers showed an increase of 0.1 percent for September, compared with a 1.0 percent drop a year ago. This is the first monthly increase in 14 months although the gain is tiny. Meanwhile, the Labor Department said that new claims for jobless benefits fell to 521,000 last week, down from 554,000 the previous week and better than analysts had expected. It was the lowest level since early January.

    Dollar lost its ground as investors preferred to buy high risk currencies for more profits because prospects of the economy is getting more optimistic. By the end of gold floor trading time, the dollar index, a gauge measuring the greenback's value against a basket of major currencies, tumbled 0.32 to 75.957 from 76.277 on late Wednesday, touching a new one-year low of 75.767 during the session. This raised gold's appeal to hedge the greenback's depreciation.

    December silver was up 31.5 cents to at 17.815 dollars per ounce. January platinum rose 25.50 dollars to 1353.20 dollars an ounce.

Editor: Yan
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