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Gold Price Record Set

A brand new record was set for the price of gold on Thursday morning with gold trading reaching $1,388 per ounce. This milestone coincides with the dollar hitting a 15 year low versus the Japanese yen. Currently gold prices are rising in relation to all currencies. In the last 60 days alone gold prices have seen a 12% rally in U.S dollars.

Gold continues to be thought of as a safe-haven asset against a continually weakening U.S. dollar. Bullish gold investors are looking at $1400 an ounce as the next resistence area as the dollar continues to remain weak.

Further presure on the dollar is likely to remain as long as the Federal Reserve continues hinting that they will announce additional stimulus spending and monetary easing in November during its next policy setting meeting. Gold prices have risen over 5% in October and many gold speculators are saying FED policy could drive the price above $1420 by next month.

Suki Cooper an analyst for Barclays Capital recently added, “For now, short-term investor interest remains supportive for gold prices testing new highs.”

Gold Price Hits New Record

The gold price hit an new record today of $1370.77 an ounce and silver has reached a thirty year peak due in large part to the U.S Federal Reserve Signalling a second stimulus was needed. This year alone gold has improved and rallied 25 percent against a weakened dollar. Results from JPMorgan Chase JPM.N, the second-largest U.S. bank by assets, helped the dollar cut some of its losses in early afternoon trade and nudged gold down from session highs, but it quickly bounced back.

Gold’s inverse relation to the U.S. dollar was at its most pronounced in six months on a 30-day rolling basis in early European trade. Extremely loose monetary policy has contributed significantly to a move away from paper currencies to gold and other precious metals.

Chief investment officer at London and Capital, Ashok Shah recently said, “Gold and the precious metals are taking on the function of an alternative currency.” He also noted, “As we go into the next 1-4 quarters, the role of precious metals as alternative currency will become much more paramount.”  The dollar is under extreme broad selling pressure which fueled by speculation of what the FED will do next.

The demand for physical gold is strong, and scrap selling is light contributing further to the increases according to Asian dealers.

Read more: http://www.vancouversun.com/business/Gold+hits+record+signal+sinks+dollar/3663826/story.html#ixzz12G587rSi

Gold Declines As The Dollar Gains Strength

Gold fell to the lowest levels in 6 1/2 weeks as news that increased home sales boosted the U.S dollar. The stronger dollar pressured metal prices overall into a decline, however the drop was stalled due to bargain hunters. Volume is expected to be mild for the duration of the holiday trading week

On the New York Mercantile Exchange’s Comex division gold for December delivery fell $20.10, or 1.8%. (To read more)

Gold Prices Have Soared to Record Highs

With all the printing of money going on around the world gold investing has become the ultimate safe haven for a hedge against weakening currencies and inflation.

India’s central bank has just purchased 200 tonnes of gold from the International Monetary Fund. The 6.7 billion dollar purchase surprised the markets and was the biggest single central bank purchase over such a short period over the last 30 years.

The IMF plans to sell about 400 metric tonnes of gold this year in order to increase its finances and increase lending to developing countries.

Gold Price Per Ounce hits Near Record of $1,150 oz

Today gold prices hit a record high of $1,147.45. This coincides with a weakening of the U.S dollar with the news from the Federal Reserve that interest rates may not rise again until 2012.  Major concerns with a sluggish U.S recovery combined with possible inlation is providing support for gold.

“I think what we’re seeing is gold is surprising most people in the market. It’s rising faster than the dollar is falling, so it’s got its own drivers now,” said Rebecca Patterson, head of global foreign exchange and commodities at J.P. Morgan Private Bank.

An additional factor that helped fuel gold prices today was the news that John Paulson an influential hedge fund manger  is using 250 million of his own capital to launch a new gold fund.