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Message: US gold hits record; dollar drop boosts sentiment

US gold hits record; dollar drop boosts sentiment

posted on Nov 16, 2009 11:39AM



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)

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