NEW YORK (Commodity Online): The spot gold price was seen rallying consecutively for ninth annual gain, the longest rally since 1948, climbing to USD 1042 per ounce today.
Gold prices rose to a record on speculation that currencies would depreciate, spurring inflation and boosting the appeal of the precious metal for investors to gain value for store.
Pay low, earn more through Commodity Trading TipsAccording to experts, Gold is acting like the ultimate currency. The US President Barack Obama has increased the nation’s marketable debt to an unprecedented USD 6.78 trillion as he borrows to spur the world’s largest economy. Goldman Sachs Group Inc. predicted that the country would sell about USD 2.9 trillion of debt in the two years ending next September.
Gold futures for December delivery climbed USD 24.40, or 2.4 percent, to USD 1,042.20 per ounce on the Comex division of the New York Mercantile Exchange. Experts see the prices going as high as USD 1,400 per ounce within next six months. Gold for immediate delivery in London gained as much as 2.6 percent to a record USD 1,043.78. The metal has climbed 18 percent this year.
Gold mining stocks traded with heavy gains on NYSE today. Anglogold Ashanti Ltd (NYSE:AU) gained 8.6% to USD 44.76, while Hecla Mining Co (NYSE:HL) zoomed to USD 4.78 up by close to 10% during the trading hours today. Yamana Gold Inc traded at USD 11.21 up by 7.69% from its Monday’s close.
