Gold rallies to new record high on rising investment demand

Polya Lesova & Moming Zhou
MarketWatch
October 7, 2009

[efoods]Gold futures soared to a record high just below $1,050 an ounce Wednesday, as investment demand rose and as the U.S. dollar remained relatively weak.

Holdings in the SPDR Gold Trust /quotes/comstock/13*!gld/quotes/nls/gld (GLD 102.31, +0.03, +0.03%) , the biggest exchange-traded fund backed by gold, rose for a third straight session to reach the highest level in three weeks.

In foreign-exchange dealings, the dollar rebounded slightly against the euro and the Japanese yen, but the dollar index /quotes/comstock/11j!i:dxy0 (DXY 76.50, +0.17, +0.22%) remained below the 77 mark.

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This article was posted: Wednesday, October 7, 2009 at 10:45 am

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