Futures Market News
Bullion sets record prices
Jul 13, 2011 09:12 AM
New record highs came Wednesday morning for gold futures, which crashed through top prices that had remained for 10-plus weeks, Bloomberg reports.
The CBC reports the yellowish metal's record-price drive was propelled by concerns about the global financial and economic turmoil. As the sovereign debt crisis tears through the euro zone and ratings services downgrade European Union Member nations, countries are accepting and coming close to requesting emergency bailout aid.
At 9:51 a.m. on Wednesday, gold futures gained 1.16 percent, an $18.20 lift to $1,580.50 per troy ounce.
The old record price for gold, $1,577.40 per troy ounce set on May 2, capped a month of gold futures routinely set record-high prices, often doing so at least twice in one day.
An ongoing stalemate in the U.S. political dispute between President Obama and Republican leaders also is driving gold prices higher. Leaders have until early next month to hash out differences while negotiating the debt ceiling. Conflicting preferences regarding the U.S. Federal Reserve's asset purchasing program, which completed at the end of June, have benefited the yellowish metal.
Thus far this year, gold futures have gained about 11 percent. The precious metal is aiming for its 11th straight year of annual gains.
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