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Gold marches for record high on weak dollar

Published: 16/09/2009 05:00

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Gold futures on the COMEX Division of the New York Mercantile Exchange soared above 1,020 dollars on Wednesday as a weak dollar fueled gold’s appeal of hedge, nearing all-time high.

Gold price for December delivery climbed 13.90 U.S. dollars, or1.4 percent, to finish at 1,020.20 dollars an ounce. Earlier in the session, the contract rose as high as 1,023.30 dollars, close to gold’s all-time high of 1,033.90 dollars hit in March 2008.

Dollar’s weakness is considered as the main factor which helped the precious metal climbing to its record peak. The dollar index, a gauge measuring the greenback’s value against six other major currencies, dipped to its new one-year low of 76.151 before gold floor trading ended.

The Federal Reserve chairman Ben Bernanke’s optimistic words on economy continued providing support to gold, especially after the rising consumer price index indicates inflation risk is on the way.

The Labor Department reported on Wednesday that the U.S. CPI rose 0.4 percent in August, in line with economists’ anticipations. This raised gold’s hedge appeal against inflation.

December silver finished at 17.43 dollars per ounce, up 43 cents. October platinum rose 29.80 dollars to 1350.10 dollars an ounce.

VietNamNet/Xinhuanet

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