Monday, October 5, 2009
Gold again gains on dollar weakness
Story link: Gold again gains on dollar weakness
by Elaine Frei
by Elaine Frei
The price of gold was higher Monday after the US dollar weakened and investors looked to the precious metal as a better investment.
December gold added $13.50 to $1,017.80 per troy ounce in New York trade.
Meanwhile, Bank of America Merrill Lynch forecast that the price of gold will rise to $1,500 per troy ounce in 2011, following oil prices higher on more demand from emerging markets.
Other precious metals also saw gains as December silver added 31 cents to $16.54 per troy ounce and January platinum gained $18.40 to $1,301.80 per troy ounce.
Among base metals, December copper was 5 cents higher to $2.73 per pound in New York trade on the session.
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