As concerns about inflation increase demand for precious metals, the U.S. dollar stooped to its lowest price in 16 months as compared to six counterpart currencies. Conjecture about the Federal Reserve trailing the European Central Bank raising interest rates also
alerted investors to alternate asset havens.
"Gold could be supported by some buying interest from Asian countries," Ong Yi Ling, a Singapore-based analyst with Phillip Futures, told the news service. "Amid high inflation and a lack of investment alternatives, gold could be sought out as a store of value and hedge against inflation."
Shortly after 11 a.m. on Thursday, gold futures were up 0.91 percent, a $13.30 climb to $1,468.90 per troy ounce.
Set on Monday, the all time record price for gold futures is $1,478.18 per troy ounce. The precious metal set its most recent record high on the fifth of five straight days of notching record prices.
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