Nov 17, 2009
Gold futures on the COMEX Division of the New York Mercantile Exchange went up sharply and set a new record high on Monday as dollar slid to another 15-month low. Silver and platinum both rallied.
The most active gold contract for December delivery climbed 22.50 U.S. dollars, or 2 percent, to finish at 1,139.20 dollars an ounce. In the after-hours electronic session, the precious metal climbed to the new peak of 1,143.40.
In the overnight trading, gold regained strength as dollar weakened and saw a big rally. Coming to the day session, the greenback continued tumbling, although Federal Reserve Chairman Ben Bernanke said at a conference held by the Economic Club of New York that the central bank will keep a close eye on the sliding U.S. dollar.
The dollar index, a gauge measuring the greenback's value against other major currencies, dropped more than 0.9 percent to 74.75 about half an hour after gold pit trading closed. That is the U.S. currency's lowest level since last August. Gold's appeal was refueled for investors always purchase the yellow metal as the hedge assets against dollar's depreciation.
December silver was up 1.02 dollars to 18.48 dollars per ounce. January platinum rose 55.90 dollars to 1,444.60 dollars an ounce.