Gold surged to a record high above $1,040 per ounce on Tuesday, with buying fueled by dollar weakness after a report, later denied, that Gulf Arab states were considering abandoning the U.S. currency for oil trade. Both spot gold prices and U.S. gold futures have benefited from a convergence of factors including the dollar’s decline, technical buying momentum and worries about potential inflation as central banks struggle to emerge from unprecedented fiscal stimulus measures. “In an environment where interest rates are virtually zero, the incremental cost of moving into gold is nil. It stands to reason for investors that gold is more desirable,” said Jack Ablin, chief investment officer at Harris private bank in Chicago. Spot gold hit a historic $1,042.55 per ounce and was last up 2.2 percent at $1,038.80, compared with $1,016.65 quoted late in New York on Monday. U.S. gold futures hit a record high, while the metal also hit six-month highs when priced in sterling and euros, breaking above 700 euros an ounce for the first time since early April. A positive technical picture for gold fueled buying on the fund side, traders said. However, the weight of near-record long positions in New York gold futures… Read full this story
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