US gold hits record; dollar drop boosts sentiment
posted on
Nov 16, 2009 11:41AM
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Thomson Reuters
NEW YORK, Nov 16 (Reuters) - U.S. gold futures hit a record
$1,134.90 an ounce on Monday as a weakened dollar boosted risk
appetite for asset classes across the board, while silver and
platinum group metals also scaled new highs.
For the latest detailed report, click on [GOL/].
GOLD
* COMEX December gold up $16.10, or 1.4 percent, at
$1,132.80 an ounce at 10:50 a.m. EST (1550 GMT) on the NYMEX.
* Range spanned from $1,119.50 to $1,134.90.
* A broadly lower dollar supports gold. The greenback drops
on higher investor risk tolerance as equities rally.
* World leaders at the Asia Pacific summit suggests China
may not be ready to let the yuan rise against the dollar.
[ID:nN16500414]
* Dollar dips after APEC, increases demand for all risky
assets and reinforces commodities bull market - James Steel at
HSBC.
* Gold bulls encouraged by a 1.5 percent Wall Street rally
as oil rises towards $80 a barrel.
* No signs that gold prices could head for correction soon;
silver looks toppish - Steel.
* COMEX estimated 10 a.m. volume at 79,755 lots.
* Spot gold at $1,131.40 an ounce, compared with
$1,118.50 late in the previous session in New York.
* London's afternoon gold fix at $1,130 an
ounce.
SILVER
* December silver rallies 88.5 cents, or 5.1
percent, to $18.265 an ounce on gold's strength.
* Ranged from $17.475 to $18.345 -- the highest price since
August 2008.
* COMEX estimated 10 a.m. volume at 26,962 lots.
* Spot silver was at $18.24 against $17.41 in the
previous session in New York.
* London silver fix at $17.740.
PLATINUM
* January platinum up $43.70, or 3.1 percent, to
$1,432.40 an ounce as general economic optimism boosts the
metal's autocatalyst demand.
* Spot platinum $1,426.50 an ounce.
PALLADIUM
* December palladium up $19, or 5.3 percent, at
$375.75 an ounce, on strong investment buying and platinum's
gains.
* Spot palladium $371 an ounce.
Prices at 11:09 a.m. EST (1609 GMT)