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Gold Sets Records as Dollar Declines, Spurring Demand for Metal
Posted By admin On November 11, 2009 @ 12:11 pm In Economic Crisis | Comments Disabled
Pham-Duy Nguyen and Nicholas Larkin
November 11, 2009
[efoods]Gold rose for an eighth straight session in New York, the longest rally since early 2006, and reached a record as a decline in the dollar sparked demand for the precious metal as an alternative asset.
Gold touched $1,119.10 an ounce, an all-time high, as the U.S. Dollar Index, a six-currency gauge of the greenback’s performance, fell as much as 0.3 percent to a 15-month low before erasing the loss. India’s central bank bought bullion last month to diversify its assets. Before today, gold jumped 6 percent this month while the currency index lost 1.8 percent.
“The interest that central banks have shown for gold has really lit a fire under the market,” said Matt Zeman, a metals trader at LaSalle Futures Group Inc. in Chicago. “People are questioning the value of not only the U.S. currency but all paper currencies. Investors are more comfortable holding gold.”
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