Bullion: $1,150 is no barrier for gold
Published on: November 21, 2009 at 21:10
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Traders said the dollar’s overall weak tone was due to the prospect of US interest rates remaining close to zero for some time yet.
Gold hit an all-time peak at $1,152.85 an ounce on Wednesday, extending this year’s record-breaking run.
A weak greenback makes dollar-priced assets such as gold cheaper for buyers using stronger currencies, and tends to stimulate demand for them.
The dollar rose against a basket of major currencies, with the US Dollar Index up 0.42 percent at 75.606. The euro fell 0.39 percent at $1.486, and against the yen, the dollar fell 0.09 percent at 88.95.
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