Gold soars to new record; up 7% in the last week, 29% in 2010

Tuesday, November 9th 2010 - 12:43 UTC

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The price of gold has hit another record high as investors worry about inflation and Europe's budget troubles. Tuesday morning it was trading at $1,421 an ounce. Read full article

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xbarilox
“The euro rebounded against the dollar after earlier sliding on concern debt-stricken nations will struggle to repay bondholders and spending cuts will stifle growth in the region. The greenback fell to a nine-month low last week as the Federal Reserve said it will purchase more debt. Gold usually moves inversely to the dollar.”

”Market participants are turning their attention back to troubles in the euro zone,” said Andrey Kryuchenkov, an analyst at VTB Capital in London. “Gold is still strongly inversely correlated to the dollar, but this could well weaken should euro zone-debt concerns escalate.”

http://www.bloomberg.com/news/2010-11-09/gold-drops-from-record-as-dollar-s-climb-cuts-investors-demand-for-haven.html
Nov 09th, 2010 - 03:22 pm - Link - Report abuse 0
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