Gold Surges to All-Time High; $1,096 – Updated!

Posted on Nov 03, 2009 in Economic News

Prices settle near $1,096 an ounce / spot price on Wednesday after setting a record the day before at $1,086.

 UPDATE:

December gold jumped $10.10 to $1,095 an ounce, after hitting an all-time trading high of $1,096.20 an ounce earlier in the session. On Tuesday, gold closed at a record $1,084.90 an ounce.

By Ben Rooney, CNNMoney.com staff writer

Last Updated: November 3, 2009: 3:04 PM ET

NEW YORK (CNNMoney.com) — Gold prices surged to a record high Tuesday after the International Monetary Fund said it had sold 200 metric tons of the precious metal to India’s central bank.

November gold rose $30.90 to settle at $1,084.90 an ounce, after climbing to a high of $1,085.20. The previous intraday record was set Oct. 13, when gold rose to $1,069.70 an ounce.

….

Gold prices were also supported by news that Barrick Gold Corp. (ABX) bought back 1 million ounces of gold in its hedge book during October.

The mining company said Monday it expects to unwind its remaining gold hedges, totaling 1.9 million ounces, by September 2010.

The rally came despite a slightly stronger U.S. dollar. The dollar index, which measures the dollar’s value against a basket of currencies, rose to a one-month high earlier Tuesday.

Gold and other commodities that are priced in dollars often fall when the greenback strengthens. But demand for gold remained firm Tuesday as investors focused on the IMF sale.

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And click HERE to see Truth is Treason’s Commodities Page, which shows the current market price for Gold, Silver, Platinum, and most of the main agricultural futures.

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