October 1, 2010

  • A d v e r t i s e m e n t
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Gold prices rallied to record highs above $1,320 an ounce on Friday as the dollar weakened further on soft U.S. manufacturing data, fueling interest in the precious metal as an alternative asset.

Spot gold [XAU=X 1317.3 12.05 (+0.92%) ] was last bid around $1,318, against $1,305.25 late in New York on Thursday.

U.S. gold futures [GCZ0 1318.3 8.7001 (+0.66%) ] for December delivery last rose toward $1,319 an ounce.

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Gold’s run to record highs is likely to maintain its current momentum for the rest of 2010, with a snap poll of analysts conducted by Reuters this week finding two out of three see prices above $1,350 by year-end.

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