23
November
Gold strikes record on inflation, economic worries
23 November 2009 Reuters
Gold defied a rebound in the dollar on Monday and powered to a record on safe-haven buying, driven by growing worries about inflation and a drop in U.S. stocks that stirred doubt about the economic outlook.
Bullion, which has gained around 32 percent so far in 2009 struck a succession of lifetime highs in November as sentiment turned extremely bullish after India acquired 200 tonnes of theprecious metal from the International Monetary Fund.
Gold XAU= was quoted at $1,161.25 an ounce by 0202 GMT, up $13.05 an ounce from New York's notional close on Friday. It hit another record at $1,161.80 in a thin trade also driven by technical buying after bullion surpassed previous record.
http://in.reuters.com/article/domesticNews/idINSP45762020091123
