Gold hits new record high against dollar

first_img whatsapp Gold hits new record high against dollar by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was Famous, Now She Works In {State}MoneyPailBrake For ItThe Most Worthless Cars Ever MadeBrake For ItSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesDrivepedia20 Of The Most Underrated Vintage CarsDrivepediamoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen HeraldBetterBeDrones Capture Images No One Was Suppose to SeeBetterBe Share Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’Sportsnaut’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap’Small Axe’: Behind the Music Everyone Grooved On in Steve McQueen’sThe Wrap GOLD soared to a fresh record high in New York yesterday, explained widely by spiralling inflation and tumbling confidence in the US dollar.Silver also spiked, to a 31-year high, with investors turning to both metals as “safe havens” amid economic uncertainty and historically accommodative monetary policy.“The record price of gold is only coming through against the US dollar, and remains quite a way off in sterling and euro terms,” said Adrian Ash of Bullion Vault, a gold trading service.Gold surged past $1,463 (£897) an ounce before closing at $1,461.50, having rallied by more than eight per cent over the last two months. Gold futures also rose by half a per cent, while silver hit a peak of $39.68 an ounce during the day.“The Fed has printed billions, its monetary policy is unsustainable,” commented Michael Hewson of CMC Markets. “And if the US can’t even agree a Budget or a debt ceiling, what confidence does that give the dollar as a reserve currency?”“People are losing faith in the ability of their governments to keep inflation under control and maintain the purchasing power of their currencies,” added Tom Clougherty of the Adam Smith Institute.On Tuesday the Fed appeared to confirm that its controversial programme of asset-buying, coined QE2, will not be curtailed.While still dovish in its sentiment, the minutes of the Fed’s last meeting admitted that the size of the ongoing quantitative easing could pose an upward risk to inflation expectations.Instability in the Middle East and rising food, oil and other commodity prices were also cited as potential factors behind the strength in gold and silver – as well as seasonal peaks, caused by demand in India.India is the world’s leading consumer of gold, spending 2.65 per cent of its GDP on the metal. Show Comments ▼center_img Wednesday 6 April 2011 8:24 pm KCS-content whatsapp Tags: NULLlast_img read more