14
October
Gold Climbs to Record for Second Day as Dollar Extends Decline
14 October 2009 Bloomberg.com
Gold advanced to a record for a second consecutive day as investors bought precious metals to hedge against a weaker dollar and faster inflation. Silver reached a 14-month high and platinum the most in 13 months.
The Dollar Index, a six-currency gauge of the dollar’s value, slumped to the lowest level since August 2008 on bets the Federal Reserve will trail other central banks in increasing borrowing costs. Gold reached $1,070.80 in London, while futures rose to $1,072 in New York as crude oil, used by some investors as an inflation guide, reached a one-year high. Taiwan’s central bank said it may consider placing more of its reserves in gold.
http://www.bloomberg.com/apps/news?pid=20601116&sid=aafRWHEmd9pk
