RTTN: Gold Extends Record Peak On Safe Haven Buying
(RTTNews) - The price of gold advanced to a record peak above $1,470 Friday morning after the U.S. dollar broadly turned weak versus its most rivals as traders brace for a government shutdown at midnight tonight, which could hurt more than 800,000 'non-essential' federal workers.
Also, concerns about inflation and European debt boosted demand for the metal as an alternative investment.
Gold for June delivery, the most actively traded contract, gained $13.60 to $1,472.90 an ounce. Yesterday, gold extended its record peak for a third session amid inflation concerns even after the European Central Bank hiked interest rates for the first time in almost three years.
Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, moved up to 1,217.21 tons from 1,205.47 tons.
Meanwhile, the U.S. dollar slipped to a fresh 14-month low versus the euro, after the ECB hiked interest rates yesterday, and trading lower against sterling and the Swiss franc. The buck was ticking higher versus the yen.
Elsewhere, the price of silver moved to a fresh 31-year peak and platinum was ticking higher in morning deals.
