29 Apr '11, 10pm

Gold rockets to nearly US$1,570 as US dollar sags

NEW YORK: Gold rocketed to almost $1,570 an ounce on Friday, setting a new dollar-price record as its unabated rise was propelled by extremely low interest rates and the dollar's weakness. With London trading shut down for the royal wedding, in afternoon New York trade gold struck $1,569.32 an ounce before sliding back to around $1,565. Just nine days ago it passed the once-unimagined level of $1,500. "Gold is again profiting from the soft US dollar and has (struck) an all-time high for the third consecutive day," said analysts at Commerzbank. "The fact that the rise of the gold price is largely driven by the US dollar currently is also reflected in the movements of the price in euros, ... trading nearly unchanged," they added. The metal has nearly doubled in price since late 2008 and has risen almost without interruption from just below $300 in 2001. Silver, meanwhile, pu...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

Tweets

US dollar opens month lower, gold sets new record

channelnewsasia.com 02 May '11, 11pm

NEW YORK: The US dollar lost ground to the euro on Monday in the wake of the US killing of 9/11 mastermind Osama bin Laden...

WOW, he's calling us 'myopic' for harping on Ma...

temasekreview.com 01 May '11, 8am

I feel shy that WKS is still talking so big. The mistake with Mas Selamat is not a small mistake, it is a grave mistake. W...

Gold begins to regain its lustre - TODAYonline ...

todayonline.com 01 May '11, 9pm

SINGAPORE - Gold, including the physical precious metal itself, has made a comeback as a safe haven investment with concer...