Gold Posts Record Closing High

Sponsored Links

Gold prices soared again on Friday and posted a new record closing high above $1,000. The metal received a boost as the dollar remained weak against the euro.

December gold settled at $1,006.40, up $9.60 on the session. Prices hit as high as $1,013.70 in intraday trading.

The metal also reached above $1,000 in each of the last three sessions, but couldn't stick above the mark. Gold had last closed above $1,000 in February.

This breaks the old record closing high of $1,003.20 reached in March 2008. The all-time intraday high of $1,033.90 was reached on March 17, 2008. However, adjusted for inflation, gold reached its highest levels in 1980.

The dollar again extended its lowest level of 2009 against the euro and also remained near a monthly low against the British pound. Gold usually moves opposite the dollar because of its hedge appeal.

In corporate news, import prices 2.0% in August. This followed a drop of 0.7% in the previous month. Excluding oil, import prices edged up 0.4 percent.

Export prices climbed 0.7 percent for the month, compared to a dip of 0.3 percent in July.

The University of Michigan/Reuters consumer sentiment index rose to 70.2 for the mid-September reading. This was up from a mark of 65.7 for August. The latest reading marks the first increase in the past 3 months.

Also, the U.S. Commerce Department revealed that wholesale inventories dropped 1.4 percent in July, the 11th consecutive month of declines. This moderated a bit after a downwardly revised 2.1 percent slide in June.

(Market News Provided by RTTNews)