Gold soars to new record high as dollar hits new low
www.chinaview.cn 2009-11-12 06:07:42   Print

    CHICAGO, Nov. 11 (Xinhua) -- Gold futures on the COMEX Division of the New York Mercantile Exchange rallied to a new all-time high on Wednesday as the U.S. dollar saw a new 15-month low, raising gold's appeal of hedge. Silver and platinum both rose.

    The most active gold contract for December delivery gained 12.10 U.S. dollars, or 1.1 percent, to finish at 1,114.60 dollars an ounce. The precious metal touched a record peak of 1,119.10 earlier in the session.

    Dollar continued to go down after several Fed officials said late Tuesday that the economic recovery is likely to be weak, which is considered by investors as another sign that policymakers will hold interest rates low to help economy recovery.

    The dollar index, which measures the dollar against other currencies, slid to a new 15-month low of 74.855 in the overnight session.

    Gold pared gains later in the session as the dollar recovered some ground but remained near a 15-month low.

    December silver was up 31.5 cents to 17.537 dollars per ounce. January platinum rose 18.40 dollars to 1,369.60 dollars an ounce.     

Editor: Mu Xuequan
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