Gold News & Info

Source: Marketwatch

San Francisco— Gold returned to a record high with a vengeance Friday, surpassing $1,315 an ounce as the dollar weakened and investors piled into bullion as an alternative to currencies. Gold for December delivery added $7.30, or 0.6%, to $1,316.90 an ounce on the Comex division of the New York Mercantile Exchange. It earlier hit an intraday high of $1,322 an ounce. The dollar index, which compares the U.S. unit to a basket of six currencies, declined 0.6% to 78.27. Gold closed with a mild loss in the previous session, but ended September notching 11 record highs and rising nearly 5% for the month.

�It is all about the value of the U.S. dollar,� said James Cordier, a portfolio manager with Optionsellers.com in Florida. �The dollar is plunging, and that is sending people into gold and silver.� Dollar losses have mounted since the Federal Reserve said Sept. 21 it stood ready for a second round of buying more assets to help revive the economy. �They have been broadcasting (quantitative easing) tremendously,� Cordier said. �They have gotten so much bang from just talking about it.� See full story.