Gold surges through new record

Dollar weakness has fueled the gold rally as the metal is seen a way for investors to store value.

Gold hit a record of $1,065.25 (US) an ounce in Europe on Tuesday as the U.S. dollar fell to day lows versus the euro, fuelling interest in bullion as an alternative asset.

A rise in oil prices to nearly $74 a barrel and a recovery in physical demand for gold after a sluggish year for the jewellery market are also helping lift the metal, analysts said.

Globe and Mail

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Alfonso Esparza

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.
Alfonso Esparza