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