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Gold Prices Set Another Record Closing High

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Gold soared to a record closing high again on Wednesday as the dollar lingered near a 16-month low against the euro, leaving hedge appeal strong. December gold finished at $1,217 per ounce, up $12.90 on the session.

The metal has set a new record closing high 19 times since the beginning of November. When adjusted for inflation, however, gold moved near $2,000 in 1980.

The dollar traded near 1.5050 versus the euro, compared to last week's high crossing 1.5143 last week. The buck also moved higher versus the pound and yen'.

On the economic front, the Automatic Data Processing report showed that non-farm private employment fell by 169,000 jobs in November following a revised decrease of 195,000 jobs in October. Economists had been expecting a decrease of about 150,000 jobs.

After the close of floor trading, the Federal Reserve's Beige Book showed economic conditions have generally improved modestly in recent weeks.

Initial jobless claims data will be released on Thursday with the big Labor Department data expected on Friday.

(Market News Provided by RTTNews)

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