Gold hits new record high, dollar strugggles

LONDON, Oct 8 (Reuters) – Gold hit a fresh record high on Thursday as the dollar struggled, while emerging market stocks climbed to their highest level this year.

Spot gold XAU= topped $1,058 per ounce to mark a record high for the third session in a row. It has primarily been driven higher by the weakening dollar, which makes the dollar-denominated metal more attractive to investors.

“Investors are turning towards gold as a hedge in dollar weakness,” said Adrian Koh, an analyst at Phillip Futures in Singapore.

The dollar was down 0.7 percent against a basket of major currencies .DXY=, close to its year lows.

Thu Oct 8, 2009 3:55am EDT

Full article: Reuters

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