Gold attains fresh record in euro and sterling |
| Financial Times - Jul 12, 2011 |
Gold prices leapt to within reach of a new record peak on Tuesday as the eurozone crisis once again convulsed global markets and burnished the appeal of bullion.
The precious metal rose to a high of $1,566.36 a troy ounce by early afternoon in New York, a level only surpassed on two occasions and approaching the nominal record of $1,575.79 touched in April.
The rally came in spite of a jump in the value of the dollar. Gold also touched fresh records in euro and sterling terms. It rose to €1,118.58 a troy ounce as concerns over contagion in the eurozone caused a slide in the value of the single currency at the same time as driving investors to gold. It is up 9.1 per cent in euro terms since the start of last week. In sterling terms, the metal touched a new record of £982.84.
James Steel, precious metals strategist at HSBC, said the surge in prices “provided evidence of the strength of the bull market, in our view, and confirmed that the rally is not just a function of US dollar weakness”.
Read Full Article from Financial Times
- Posted: 2011-07-12 14:38:50
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