Friday, September 17, 2010

Gold prices hit record high; silver may break 30-year record

LONDON: Gold leapt to a record high on Friday as a weaker dollar and growing speculation of further quantitative easing by the US Federal Reserve prompted a flurry in investment buying.

Sister-metal silver was supercharged, benefiting also from gains in prices for industrial metals to test the $21 mark. A break above $21.24 would open the way for prices to hit levels last seen in October of 1980..

Spot gold hit an all-time high of $1,282.75 a troy ounce before easing to a bid at $1,280.10 by 1037 GMT, compared with $1,272.20 late in New York on Thursday. It has gained more than $100 or 8.4 percent since the start of August.

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