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Gold posted new closing and intraday highs on Tuesday as a weaker dollar improved the precious metal's hedge attraction.
December gold finished at $1,039.70, up $21.90 on the session. Prices earlier touched $1,045.00, topping the old record high of $1,033.90 from March 2008.
The close broke the old record-high settle of $1,020.20 per ounce from September 16. When adjusted for inflation, however, gold traded near $2,000 back in 1980.
The dollar stabilized after reaching a 12-day low against the euro and continued to drop towards parity versus the Canadian loonie. The buck also dropped against the Japanese yen and Swiss franc, but gained on the stumbling pound.
The dollar was weakened by a report that Gulf Arab states were in talks with other states to replace the U.S. dollar with a basket of currencies in oil trading. The report was denied by senior officials from Saudi Arabia, Russia, Kuwait and the United Arab Emirates.
In global economic news, the Reserve Bank of Australia unexpectedly lifted its key interest rate by 0.25 percent to 3.25 percent, leading to speculation other countries may do the same in the near future. The Federal Reserve has maintained its position that U.S. rates will stay near zero indefinitely.
The economic calendar is again light on Wednesday with The MBA mortgage applications report leading the way at 7 a.m. ET. Earnings season unofficially kicks off after Wednesday's closing bell with the report from Alcoa.
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