Gold Rallies to Record Highs

October 8, 2009 Share Print 0

As the US Dollar continues to weaken, the precious metal is expected to continue to climb.

Gold prices rallied to record highs for a third successive session in Europe on Thursday, as persistent weakness in the dollar fuelled fund buying of the metal as an alternative.

Gold’s gains lifted other precious metals, with silver reaching its strongest level since July 2008 and palladium hitting a 13-month peak.

Spot gold (GC-FT1,046.402.000.19%) rose to $1,053.30 an ounce at 11:27 GMT against $1,043.70 late in New York on Wednesday. Earlier it touched a record high of $1,058.20 an ounce.

Globe and Mail

The following is not a graph of the spot price of Gold, but rather the Gold Fix price

For more Commodity Price Graphs visit FXEconostats

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Alfonso Esparza

Senior Currency Analyst at Market Pulse

Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.