Gold aims to set new record in Asia
Friday, 13 November 2009
SINGAPORE, Nov 12 (Commodity Online): Gold prices continued to move upwards in Asian trade Thursday and advanced above $1120 an ounce mark.
December-delivery gold was seen trading at $1,120.88 an ounce at 12.00 noon Singapore time after hitting as high as $1122.30 an ounce earlier.
Gold futures advanced to a record, rising for a ninth consecutive day in the best winning run since 1982, on speculation that central banks and investors will step up purchases as the dollar extends a slump.
Gold futures have risen about 27 per cent this year, heading for a ninth annual gain, as the Dollar Index tumbled 7.8 per cent.
Spot gold advanced for a fifth day, also to an all-time high. Spot gold advanced as much as 0.4 per cent to $1,122 an ounce.
The currency has dropped on record-low US interest rates and increased government borrowing to combat recession in the world's top economy.
News last week of bullion purchases by the Indian and Sri Lankan governments has raised speculation other countries will follow suit.
December-delivery gold was seen trading at $1,120.88 an ounce at 12.00 noon Singapore time after hitting as high as $1122.30 an ounce earlier.
Gold futures advanced to a record, rising for a ninth consecutive day in the best winning run since 1982, on speculation that central banks and investors will step up purchases as the dollar extends a slump.
Gold futures have risen about 27 per cent this year, heading for a ninth annual gain, as the Dollar Index tumbled 7.8 per cent.
Spot gold advanced for a fifth day, also to an all-time high. Spot gold advanced as much as 0.4 per cent to $1,122 an ounce.
The currency has dropped on record-low US interest rates and increased government borrowing to combat recession in the world's top economy.
News last week of bullion purchases by the Indian and Sri Lankan governments has raised speculation other countries will follow suit.