Gold Hits Record as Dollar Drops

Stephen Voss
Bloomberg
November 18, 2009

[efoods]Commodities rose as the recovering world economy spurred demand for raw materials, sending gold to a record and mining stocks higher. Oil advanced for a third day as the dollar fell.

Crude oil climbed to $79.92 a barrel at 10:07 a.m. in London as gold for immediate delivery reached a record for the second day this week, touching $1,147.72 an ounce. Copper jumped 2.3 percent to a 14-month high as the Dollar Index declined. Europe’s Dow Jones Stoxx 600 Basic Resource Index gained 1.3 percent, led by shares of BHP Billiton Ltd., the world’s biggest mining company, and Rio Tinto Group.

“For commodities as a whole, now there is no fear that there will be an economic calamity,” Amrita Sen, a commodities analyst at Barclays Capital, said in London. “Investor sentiment remains extremely robust. We will continue to see that continue through the fourth quarter.

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