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Gold surges to record peak near $1,119 in international market

November 12, 2009 by USA Post 

Gold surges to record peak near $1,119 in international market
Updated at: 0150PST, Thursday, November 12, 2009
LONDON: The price of gold struck a record high near 1,119 dollars an ounce here on Wednesday on the back of a weak greenback,anlysts said.

On the London Bullion Market, gold rocketed as high as 1,118.88 dollars an ounce, as a falling US currency stimulated demand for the precious metal.

‘Gold prices continue their upward march, setting record highs as news flow remains supportive and the dollar weakens,’ said Barclays Capitalanlyst Suki Cooper.

The European single currency climbed as high as 1.5048 dollars in intraday trade on Wednesday.

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