Friday, October 09, 2009
LONDON: Gold prices held near $1,050 an ounce in Europe on Thursday, consolidating after hitting a record $1,058.20 an ounce earlier in the session, but underpinned by persistent weakness in the dollar.
Gold’s gains lifted other precious metals, with silver reaching its strongest level since July 2008 and palladium hitting a 13-month peak.
Spot gold was at $1,049.25 an ounce at 1444 GMT against $1,043.70 late in New York on Wednesday. A brief retreat in oil prices to below $70 a barrel in early afternoon trade helped take some upward momentum away from gold, but dealers said the metal’s gains looked solid as the dollar continued to languish. Oil later recovered.
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