Gold Hits 16-Year High as Dollar Plunges Against Euro
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With the dollar hitting a third straight day of record lows against the euro, gold rose above $450 an ounce for the first time in more than 16 years.
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The British pound hit a 26-year high against the U.S. dollar Tuesday, shooting above $2.04, after higher-than-expected inflation figures raised expectations of another hike in United Kingdom base rates. The dollar was up against other key currencies.Gold prices were mixed in European trading.The euro traded at $1.3783, down from $1.3784 late Monday. Later, in midday trading in New York, the euro fetched $1.3781.Other dollar rates in Europe, compared with late Monday, included 122.34 Japanese yen, up from 121.82; 1.2031 Swiss francs, up from 1.2021; and 1.0436 Canadian dollars, up from 1.0429. Read more
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Gold hit another record high above  $898 an ounce on Monday on speculative buying as uncertainties  in financial markets and expectations of aggressive U.S. rate  cuts raised the metal's safe-haven appeal.
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Gold surged to a historic high above $910 an ounce, as investors rushed in to buy the metal on further weakness in the dollar and expectations of a sharp cut in U.S. interest rates, analysts said.
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The euro hits fresh highs against the dollar as negative views of US economic prospects take their toll.
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Gold hit $440.00 an ounce, its highest  in 16-1/4 years, in Europe on Monday and was seen consolidating  before rising further on a shaky dollar.
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Gold hit its highest level in more than 16 years Tuesday as a steadier dollar failed to cool worries over the currency&#39;s outlook, while Asian stocks gained after a solid performance on Wall Street.
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Gold rose on Tuesday and held near an historic high hit the previous day, reflecting investors' interest in the metal as the dollar dropped on expectations of half-percentage-point cut in U.S. rates.
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Gold hit its latest record on Monday,  approaching $900 an ounce as investors sought protection  against a potential U.S. recession and a weaker dollar, with  Asian stocks steadying after recent sharp losses.
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The euro traded above $1.40 for the first time since the common European currency was introduced.
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Gold surged to a historic high above $910 an ounce on Monday as investors rushed to buy the metal on further weakness in the dollar and expectations of a sharp cut in U.S. interest rates.
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Gold surged 2 percent to trade above $900 on Thursday and platinum hit a historic high, as investors snapped up the metals on dollar weakness and firmer oil prices, analysts said.
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The euro hit a record high against the dollar above &#36;1.2927  on Friday as the beleaguered U.S. currency weakened across the board in technically driven trading.
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The euro hit a fresh all-time high against the dollar on Monday after the prospect of currency market intervention from the European Central Bank looked unlikely.
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Gold shrugged off a tumbling U.S. dollar and fell more than 1 percent on Monday as investors cashed in on the metal's rally to its highest in nearly three decades last week.
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THE euro charged to a record high yesterday, breaching the $1.35 mark as markets seized on a plunge in sales of new homes in America as an excuse to renew their assault on the US currency.
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Gold rose above $450 an ounce for the first time in more than 16 years, driven by investors looking for an alternative to the American currency.