Gold News

Gold soars to new 27-year high

Gold prices were rallying again today (October 11th) to take the precious metal to a fresh 27-year high after a week-long lull.

London bullion prices were recorded to have reached as high as $748.10, nearly breaching the until recently unthinkable $750 mark and sending out a strong message about the resilience of the precious metal on volatile markets.

As ever the gold price moved in tandem with the dollar, but in opposite directions, with those looking to buy gold rising to the occasion as the dollar weakened against the Euro, dropping down to near record lows at $1.42 per Euro.

Analysts at Barclays Capital told Reuters: "Gold prices strengthened again as US dollar weakness underpinned solid gains."

Gold for December delivery also showed a positive response to market uncertainty and dollar weakness, rising to $754.30 per ounce in New York this morning, as market investors were still left unclear as to whether the Fed will soon be making fresh rate cuts.

In the meantime, gold has once more been favoured as a safe-haven hedge against inflation, providing in its perceived monetary value an alternative investment to the beleaguered dollar.


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