U.S. Gold Rises Above $1,010 on Dollar Deterioration

September 11th, 2009

Via: Reuters:

U.S. gold futures broke above $1,010 an ounce on Friday, reaching their highest level since February, as a steadily weakening dollar increased the status of bullion as an alternative investment.

GOLD

* December gold GCZ9 up $13.80, or 1.4 percent, at $1,010.60 an ounce at 10:26 a.m. EDT (1426 GMT) on the COMEX division of the New York Mercantile Exchange.

* Ranged from $996.30 to $1,013.70, which marked the highest level since Feb. 20.

* The U.S. dollar fell to a one-year low against major currencies as optimism about the outlook for the global economy encouraged investors to favor higher yielding currencies and stocks instead of the safety of the greenback.

* Gold continues its steady upward move, helped by technical buying, stronger euro and crude oil rally – George
Gero, vice president of RBC Capital Markets Global Futures.

Posted in Economy | Top Of Page

One Response to “U.S. Gold Rises Above $1,010 on Dollar Deterioration”

  1. Mr. Marks says:
    September 12, 2009 at 12:19 am

    Highest weekly close, EVER!

    I like that.

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