MW: Gold futures rise to new heights above $1,280/oz
Precious metal extends its record-breaking winning streak
By Myra P. Saefong, MarketWatch
TOKYO (MarketWatch) — Gold futures climbed to new heights above $1,280 an ounce on Friday after reaching a record settlement price in the previous session as investors sought refuge in the precious-metal market.
“Gold remains the strongest beneficiary of uncertainty around the expansion of fiat-currency and competitive depreciation,” analysts at Royal Bank of Scotland in Australia said in a research note Friday.
Gold for December delivery was last up $8.70 at $1,282.50 an ounce in electronic trading on Globex following an intraday high of $1,284.40.
The contract settled at a record high of $1,273.80, up $5.10 on Thursday in New York.
December silver was also up 20.40 cents at $20.98 an ounce on Globex. On Thursday in New York, silver futures marked their highest finish since early March 2008. See Thursday’s Metals Stocks.
