Futures Market News
Gold futures again set highs, drive toward $1.6k
Jul 14, 2011 05:44 AM
Concerns about debt in the U.S., which received a warning from Moody's Investors Service, and in Greece, which was downgraded and warned by Fitch Ratings, drove the yellowish metal into values never before seen. The U.S. dollar lost value when held against six counterpart currencies as Ben Bernanke, federal reserve chair, said the nation is considering additional monetary stimulus.
"There is still the risk that the crisis in Europe will prevail further," owner Peter Fertig of Quantitative Commodity Research in Germany told the news service, noting one factor that can drive bullion prices higher.
At 6:24 a.m. on Thursday, gold futures peaked .48 percent, a $7.60 lift to $1,593.10 per troy ounce.
Since early May, the yellowish metal has been fluctuating yet has driven higher in recent days, Reuters reports. The record-high drive begun Wednesday continued on Thursday with gold futures touching prices never seen before as the precious metal gains for nine days in a row.
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