The Wall Street Journal
Octover 7, 2010
- A d v e r t i s e m e n t
Spot gold surged higher to a new record, fueled by bullish sentiment and a weak dollar.
News that Vietnam had lifted a two-year old ban on gold imports was cited as just one more reason to buy gold, adding steam to the rally as gold races towards $1,400 a troy ounce faster than many had predicted.
Spot gold reached a high of $1,364.95 a troy ounce. In morning trading, it was 0.8% higher on the day at $1,359.50. Other metals followed, with palladium jumping nearly 4% to a nine-year high of $600.50.
“Everybody and their mother are running after precious metals in general,” says Afshin Nabavi, head of trading and physical sales at MKS Finance in Geneva.