20
September
Gold Trades Near Record as Weak US Economic Data Spurs Recovery Concerns
20 September 2010 Bloomberg.com
Gold rose to a record in London and New York as a weaker dollar and concern that the recovery may be faltering boosted demand for the metal as a protection of wealth.
The dollar weakened to near a five-week low against the euro before a report today that may show the U.S. housing market remains weak and on speculation the Federal Reserve will say at a meeting tomorrow it’s considering further measures to keep borrowing costs low. Holdings in gold-backed exchange-traded products reached a record Sept. 17. Silver traded 2.3 percent below $21.355 an ounce, the highest price since 1980.
