Source: Marketwatch
San Francisco— Gold futures went from retreat to record Monday, scaling $1,400 an ounce to settle at a new best. Gold for December delivery added $5.50, or 0.4%, to $1,403.20 an ounce on the Comex division of the New York Mercantile Exchange. It touched an intraday high of $1,409.40 an ounce, according to FactSet Research. Gold began floor trading in the red, losing as much as $10 from Friday�s settlement close as the dollar rose. The metal rapidly pared its losses, however, as renewed worries about Europe�s debt woes took center stage.
The cost of insuring Irish debt against default climbed to a new record Monday, and the cost of insuring Portuguese debt also widened to a record. Silver and copper also hit historic high marks. Gold had closed at records Friday and Thursday. The metal hit 17 record highs in less than five weeks in September and October. The latest string of records came after the Federal Reserve�s decision to embark on a fresh round of bond buying, of an additional $600 billion over eight months. This has given investors a fresh reason to sell the dollar. See full story.
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