Gold hits record as weak dollar spurs demand

Gold climbed to a record for a second day in New York and London as a weakening dollar spurred demand from investors for wealth protection. Silver advanced to the highest price since March 2008.

Bullion, which usually moves inversely to the dollar, headed for the biggest weekly gain since May as the greenback touched a five-week low against the euro. Holdings in gold-backed exchange-traded products reached a record this month as investors sought protection from financial turmoil and the prospect of slowing economic growth. Silver traded 2.4% from $21.44 an ounce, the highest price since 1980.

“A weaker dollar and talk of yet another round of quantitative easing by the Fed are gold-supportive as investors expect depressed currency yields in the near future,” Andrey Kryuchenkov, an analyst at VTB Capital in London, said in a report.

Read Full Article from Economic Times

- Posted: 2010-09-17 21:58:50

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