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Recent News:
  • Fri, May 10 05:00 AM  Crude oil futures drop as dollar's strength grows:  The emboldened U.S. dollar pulled down West Texas Intermediate crude oil futures on Friday, as the world's reserve currency pushed to its top level in more than 14 days, according to Bloomberg.  Read more.    Fri, May 10 04:33 AM  Loonie dives after release of weak labor report:  The Canadian dollar on Friday dropped to its week-low against the U.S. dollar after the nation released underwhelming job-creation data, Bloomberg reports.  Read more.    Fri, May 10 02:17 AM  Aussie's losses increasingly causing concern:  Friday saw the Australian dollar dive toward parity with the world's reserve currency for the first time since the beginning of the second half of last year as concerns about Australia's economy were gaining momentum, according to Bloomberg.  Read more.    Fri, May 10 05:00 AM  Crude oil futures drop as dollar's strength grows:  The emboldened U.S. dollar pulled down West Texas Intermediate crude oil futures on Friday, as the world's reserve currency pushed to its top level in more than 14 days, according to Bloomberg.  Read more.    Fri, May 10 04:33 AM  Loonie dives after release of weak labor report:  The Canadian dollar on Friday dropped to its week-low against the U.S. dollar after the nation released underwhelming job-creation data, Bloomberg reports.  Read more.    Fri, May 10 02:17 AM  Aussie's losses increasingly causing concern:  Friday saw the Australian dollar dive toward parity with the world's reserve currency for the first time since the beginning of the second half of last year as concerns about Australia's economy were gaining momentum, according to Bloomberg.  Read more.    Fri, May 10 05:00 AM  Crude oil futures drop as dollar's strength grows:  The emboldened U.S. dollar pulled down West Texas Intermediate crude oil futures on Friday, as the world's reserve currency pushed to its top level in more than 14 days, according to Bloomberg.  Read more.    Fri, May 10 04:33 AM  Loonie dives after release of weak labor report:  The Canadian dollar on Friday dropped to its week-low against the U.S. dollar after the nation released underwhelming job-creation data, Bloomberg reports.  Read more.    Fri, May 10 02:17 AM  Aussie's losses increasingly causing concern:  Friday saw the Australian dollar dive toward parity with the world's reserve currency for the first time since the beginning of the second half of last year as concerns about Australia's economy were gaining momentum, according to Bloomberg.  Read more.   
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Weak euro zone banks, cut growth projections drive gold to record prices

Aug 19, 2011 06:00 AM

Gold prices established record high prices Friday morning and drove toward the psychological barrier of $1,900 per troy ounce, driven by weak euro zone banks and slashed growth projections, according to published reports.

The precious metal this week has gained in value well more than 6 percent of their value, a weekly performance that is bullion's best in more than four years, according to Bloomberg. Claims for unemployment benefits in the U.S. increased while the market saw sale of homes drop. Projections for China's economic growth were reduced this week by Morgan Stanley and Deutsche Bank.

"It's not surprising in view of more concerns about Europe and terrible data out of the U.S.," trading head Darren Heathcote of Investec Australia told Reuters. "It looks unlikely that gold would fall particularly at the present time, given there's so much uncertainty and nervousness in the markets."

At 6:35 a.m. on Friday, gold futures gained 2.6 percent, a $47.30 rise to $1,869.30 per troy ounce.

Reuters reports investors abandoned stocks and gravitated toward gold futures amid deep concerns about banks and public finance systems in Europe.

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