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Monday, November 23, 2009

Gold Hits New Record

Collection : BBC News

The price of gold has hit a new all-time high, boosted by continued concerns about the weakening dollar.

Gold hit a record of $1,167.35 an ounce, up by about $15 from Friday's closing prices.

The expectation that US interest rates will remain low has put pressure on the dollar, making gold more attractive as an investment.

Growing demand from emerging markets, particularly in Asia, is also helping to drive the price of gold higher.

Emerging market governments are looking to diversify their foreign exchange holdings and are buying gold as a result.

"Sentiment is very upbeat and gold is looking increasingly attractive," said Stefan Graber at Credit Suisse.

Analysts expect the price of gold to continue rising.

"It looks like $1,200 will be seen much sooner than expected," said Afshin Nabavi at gold bullion refiner MKS Finance.



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