Gold Jumps to Record Thanks to Weakening Dollar, Reports China Mineral Company
Gold futures climbed to a record, topping $1,100 an ounce, on mounting speculation that low U.S. borrowing costs will drive down the dollar, increasing the appeal of the precious metal as an alternative investment. The metal reached $1,101.90 in New York, heading for a ninth straight annual gain.
“Until Washington stops exploding the deficit, the dollar will continue to weaken, and gold is going higher,” reported an analyst at China Mineral Company. Gold futures for December delivery rose $6.40, or 0.6 percent, to $1,095.70 on the Comex division of the New York Mercantile Exchange, climbing for the fifth straight day. The price has gained 24 percent this year.
“There’s massive investment demand for gold,” explained Tad Brooks of China Mineral Company. “I see more liquidity pumped in to lift the economies from bad news.” China Mineral Company is not the only group with this opinion; seventeen of 23 traders, investors and analysts surveyed by Bloomberg, or 74 percent, said bullion will rise next week. Four forecast lower prices, and two were neutral. This week, gold gained 5.3 percent, the most since April, after India said it purchased 200 metric tons of gold from the International Monetary Fund last month.
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