Gold Finishes Above $1,100 On Weaker Dollar

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Gold continued to rally to record levels on Monday as a weaker U.S. dollar added to the precious metal's value as a hedge investment.

December gold rose to $1,101.40 per ounce, a gain of $5.70 on the session. Prices touched as high as $1,111.70.

The dollar crossed $1.50 versus the euro, reaching a two-week low, and approached its lowest level in 15 months. The greenback fell to a three-month low against the pound.

U.S. Treasury Secretary Tim Geithner said at the G20 Finance Ministers meeting in Scotland that economic stimulus measures must be kept in place until the global economic recovery is secures.

There is no major economic news due on Monday and the calendar is on the light side for the week, with many traders taking Wednesday off for Veterans Day. Investors will turn their attention to some Fed speak tomorrow.

Atlanta Federal Reserve Bank President Dennis Lockhart will talk to the Urban Land Institute conference in Atlanta at 9:15 a.m. ET.

San Francisco Federal Reserve Bank Janet Yellen will deliver a speech to Lambda Alpha International in Phoenix at 10 a.m. ET.

Dallas Federal Reserve Bank President Richard Fisher will deliver a speech on economic outlook to the Austin Headliners Club at 7:30 p.m. ET.

Gold prices topped $1,100 per ounce mark for the first time on Friday as a dismal jobs report led traders to the safety investment. Gold finished the session up $6.40.

When adjusted for inflation, however, it should be noted the metal reached near $2,000 back in 1980.

(Market News Provided by RTTNews)