Spot Gold Hits Record High Above $1,100/Oz On Weaker Dollar

Spot gold rallied to a record high above the key level of $1,100 per troy ounce Friday, extending this week's dramatic bull run.

Dollar weakness helped gold break through strong resistance around $1,097/oz, which had held in the previous two sessions.

The rally occurred despite some worse-than-expected U.S. jobs data, which analysts had expected would dent risk appetite, strengthen the dollar and drag gold lower.

Instead, gold jumped higher, crossing the $1,100/oz level at which there were significant gold call options with strikes at that price on Comex gold futures.

Gold reached a high of $1,101.25/oz. At 1451 GMT, spot gold was trading at $1,098.05/oz, up 0.8% on the day and 5% this week.

Read Full Article from Wall Street Journal

- Posted: 2009-11-06 09:35:46

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