As the dollar falls with concerns over inflation, gold reached $1,017 an ounce. Some researchers believe this trend will carry gold to $1,100 per ounce.
From: Nicholas Larkin, Bloomberg:
Sept. 16 (Bloomberg) -- Gold climbed to an 18-month high in New York and London on concern that a global economic recovery may stoke inflation and on a drop by the dollar that boosted demand for the metal as an alternative investment.
The worst U.S. recession since the 1930s has probably ended, Federal Reserve Chairman Ben S. Bernanke said yesterday. The U.S. Dollar Index slid to its lowest level in almost a year as a more optimistic economic outlook reduced demand for the currency’s relative safety. Gold futures are trading 1.4 percent below a record $1,033.90 an ounce set in March 2008.
