Last Updated :
21 November 2009 at 21:10 IST
Bullion: $1,150 is no barrier for gold
LONDON (Commodity Online): Gold prices scaled historic heights above $1,150 per ounce this week, buoyed by the weak greenback and recent central bank purchases of the precious metal.
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.
MCX GOLD.995 05 June 2012
contract was trading at
Rs 28259 , up Rs. 139 . What's your view on it?
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