Gold has risen more than 5 per cent since the re-election of President George W. Bush on November 2 as the metal benefits from a diversification out of the dollar into other assets.
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Gold Will Soar, Analysts Predict
The gold price soared Wednesday, hitting a new high
The gold price soared Wednesday, hitting a new high of $444.60 a troy ounce in the London session, as the dollar fell to a fresh record level against the euro and speculations on the safety of gold for investments increased.
December delivery gold futures on the COMEX division of the New York Mercantile Exchange jumped $2.00 to $442.50 an ounce, hovering during the trading between $439.30 and $445.40.
Traders say there is a strong possibility that gold price may reach $450 soon, providing there was no significant rebound in the dollar.
Gold has risen more than 5 per cent since the re-election of President George W. Bush on November 2 as the metal benefits from a diversification out of the dollar into other assets.
Gold has risen more than 5 per cent since the re-election of President George W. Bush on November 2 as the metal benefits from a diversification out of the dollar into other assets.
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