TOKYO – Gold futures resumed their climb Wednesday to a fresh high of almost $ 1,360 an ounce in electronic trading on Globex touch, buoyed by weakness in U.S. dollars.
December gold (GCZ10 1360, +13.30, +0.99%) climbed as high as $ 1,359.90 on the Globex in Tokyo afternoon trade. Later illuminated somewhat, but was still up $ 10.30 at $ 1,357, surpassing the record intraday high of $ 1,356.30 reached on Monday in New York.
Investment demand for gold got a boost when the dollar index (DXY 77.00, -0.36, -0.47%) fell to 77.150 from 77.375 late Tuesday in the North American trade.
“Investment demand has become a key element in the gold market, helping high prices to support them in the face of a growing gap between demand and the fundamental sources of demand,” said the fourth quarter of metals review Natixis Commodity Markets’ report released Monday.
“While fears of a recession, if not deflation persists, and while the major central banks remain willing to expand their balance sheets through an additional round of quantitative easing, gold prices continue to be supported,” the report said.
On Tuesday, gold had for December delivery fell $ 7.70 to close at $ 1,346.70 in New York as the dollar recovered some of its recent losses. See metal column Tuesday.
source:marketwatch
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