Tuesday, October 6, 2009

Gold Hits Record Above $1,036

Spot gold has hit a new record high.

Gold broke the previous March 2008 record high of $1,032.35 a troy ounce.

As of 1347 GMT, spot gold traded at $1,036.65 an ounce, up about 18% from the end of 2008.

In the futures market, the December gold contract hit a record high for any most-active gold contract ever traded on the Comex division of the New York Mercantile Exchange.

The contract peaked at $1,043.20 an ounce, taking out the previous most-active record of $1,033.90 set .

The fuel for this particular spike is news that key players in the international financial community are plotting the removal of the dollar as the key reserve currency.

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