Gold touches record, silver hits 30-year high
LONDON, September 24, 2010 – Gold jumped to record highs in Europe today, with spot prices probing near $1,300 an ounce, underpinned by expectations of further weakeniung in the dollar.
Spot gold hit an all-time peak of $1,299.95 an ounce.
U.S. gold futures for December delivery hit a record $1,301.60 an ounce and were later at $1,299.60 an ounce, up $3.30.
Silver also reached its highest price in 30 years at $21.45 an ounce, following gains in gold.
Spot gold prices struggled to break through resistance at the $1,300 an ounce level.
Gold has risen more than 4 percent so far this month and hit record highs for five consecutive sessions to Wednesday,
extending gains after the Federal Reserve indicated it may consider further quantitative easing, undermining the dollar.
The move came at a time when a number of major economies were moving to curb strength in their currencies in an attempt to bolster growth, boosting gold’s appeal as an alternative investment.