13
October
Gold Rallies as Dollar Resumes Decline, Boosting Alternative Asset Demand
13 October 2010 Bloomberg.com
Gold rose above $1,360 an ounce, approaching last week’s record, on speculation more investors will buy precious metals as an alternative to currencies.
Increased investor demand in Europe helped push holdings in ETF Securities Ltd.’s gold funds to nearly 8.9 million ounces yesterday, the most since July 20, according to data compiled by Bloomberg. Investors kept buying more gold with prices near an all-time high as Goldman Sachs Group Inc., UniCredit SpA and Citigroup Inc. raised their forecasts. The dollar today declined 0.4 percent against the euro, after falling 7 percent in September.
