Gold price hits new record high $1,199.49



LONDON — Gold prices soared to a record high point close to 1,200 dollars an ounce here on Tuesday, as demand for the precious metal was boosted by the weak US currency, analysts said.

The glamorous metal struck 1,199.49 dollars per ounce at 0905 GMT on the London Bullion Market, after smashing a series of historic peaks in recent days and weeks.

“As ever, another painful week for the US currency saw new highs for gold with the market’s impressive advance stalling only a tick away from 1,200 dollars per ounce,” said VTB Capital analyst Andrey Kryuchenkov.

“The case for gold remains bullish, with investment demand yet to show signs of abating,” he added.

In recent days, weeks and months, gold has blazed a record-breaking trail on the back of the weak dollar, inflationary fears and increasing moves by central banks to diversify assets away from the greenback.

Dec 01, 2009

Source: AFP

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