Gold hits record as Fed signal sinks dollar

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Amanda Cooper and Jan Harvey
The Vancouver Sun
October 13, 2010

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Gold surged to a record high at $1,367.65 an ounce on Wednesday and silver to a 30-year peak after the Federal Reserve signalled the U.S. economy may need extra stimulus, which hit the dollar.

Gold prices have rallied nearly 25 percent so far this year as investors turned to the metal as a haven from the effects of an increasingly loose monetary policy.

Spot gold XAU hit a peak of $1,367.65 an ounce and was bid at $1,366.75 an ounce at 1417 GMT, against $1,349.60 late on Tuesday. U.S. gold futures for December delivery GCZ0 rose $21.50 to $1,368.20, having earlier touched a record $1,368.90.

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Silver XAG hit a peak at $23.69, its strongest level since 1980, and was bid at $23.63 an ounce against $23.28.

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This article was posted: Wednesday, October 13, 2010 at 11:41 am







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