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Gold soars to all-time high

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by Kay Mitchell
Gold soars to all-time high

The price of gold continues to rise after reaching an all-time high today of $1,167.35 an ounce.

Spot gold was bid at $1,165.55 an ounce at 0800 GMT, against $1,148.20 late in New York last Friday.

US gold futures for December delivery on the COMEX division of the New York Mercantile Exchange gained $19.20 to $1,166.00 an ounce.

Increasing demand from emerging markets has been pushing up the price of the precious metal over recent weeks.

Furthermore, gold traditionally rises during the October to December period as the run-up to Christmas and the Indian festival of Diwali boosts demand.

Gold’s gain boosted other precious metals, with platinum hitting its highest since September 2008 at $1,467. Palladium rose to $366.50 against $361, while spot silver was bid at $18.78 an ounce against $18.46.

Meanwhile, the rise of the price of gold was also attributed to a weakening US dollar, which typically moves in the opposite direction to the precious metal.

There are ongoing concerns about the weakening dollar after the Federal Reserve said US interest rates will remain low sending the dollar to a 6-week low versus the yen.

Weakness in the US currency enhances the appeal for gold and appears more attractive to investors.

Option traders are betting gold will hit $1,200 an ounce or more by early 2010.

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News posted: November 23, 2009

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