8
November
Gold Advances to Record, Silver at 30-Year High on Weak Dollar, Rising Oil
8 November 2010 Bloomberg.com
Gold slumped after rising to a record as the dollar rebounded, eroding the appeal of the metal as an alternative investment. Silver traded near a 30-year high, while palladium fell from a nine-year high.
Immediate-delivery gold dropped as much as 0.4 percent to $1,388.03 an ounce and was at $1,390.18 at 2:03 p.m. in Tokyo. The price earlier reached an all-time high of $1,398.60 an ounce. Gold usually trades inversely to the U.S. currency. The dollar gained as much as 0.8 percent versus the euro.
