Dollar falls vs. major rivals; euro gains 0.5% to $1.3384
By Polya Lesova, MarketWatch
FRANKFURT (MarketWatch) — Gold futures climbed to an intraday high of $1,300 an ounce on Friday, extending their record-breaking run, as the metal’s safe-haven appeal continued to draw investors.
Gold for December delivery rose $3.10, or 0.2%, to $1,299.40 an ounce in recent electronic trading on Globex.
Earlier, the contract hit an intraday high of $1,300 an ounce, reaching the closely watched level, but failing to surpass it for now.
Both gold and silver prices “would benefit from some consolidation although diversification and physical demand will continue to provide upside momentum,” said James Moore, an analyst at TheBullionDesk.com, in a note to clients.
On Thursday, December gold rose $4.20 to end at $1,296.30 an ounce on the Comex division of the New York Mercantile Exchange. That marked the latest in a string of closing record highs.
The U.S. dollar on Friday moved lower against its major rivals, with the dollar index (DXY 79.72, -0.29, -0.37%) falling 0.2% to 79.844.
The euro rose 0.5% to $1.3384.
Gold and the dollar have historically had a strong inverse relationship; when the dollar falls, gold prices tend to gain.
