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London - The price of gold surged to an all-time high point above $1 258 an
ounce on Friday, on the back of the weaker dollar and downbeat US
economic data, traders said.
In afternoon trading on the London
Bullion Market, gold hit a record $1 258.38 an ounce.
"This could
open the door to further appreciation towards the $1 300-level in the
coming weeks," said Rajesh Patel, head trader at financial betting firm
Spread Co.
"The dollar has been due a fall, what with its strength
versus the euro and sterling lately, and a falling dollar pushes gold
higher as it makes it cheaper for investors outside the US to buy gold,
increasing demand.
"The drop in jobless claims and the
manufacturing index yesterday in the US also add to investors concerns."
The
new high smashed the previous record of $1 252.11 per ounce that was
forged on June 8 as investors sought the safe-haven metal amid mounting
concerns about the eurozone debt crisis.
Gold, whose two main
drivers are jewellery and investment buyers, is viewed as a safe-haven
investment in times of economic trouble.
- AFP