Gold futures notched record highs Thursday morning, remaining above the benchmark value $1,500 per troy ounce as the U.S. dollar continues to weaken and concerns again reared about debt-hobbled euro zone banks, Bloomberg reports.
Greece begins its second year of trimming debt as the dollar plunged to its lowest value in nearly three years when compared to six counterpart currencies. Thus far this year, the precious metal has increased more than 6 percent in value and its record price now stands at $1,508.88 per troy ounce.
"The key element determining gold's near-term direction right now is the U.S. dollar," according to a Thursday report for clients by Edel Tully, an analyst at UBS AG in London. "Sovereign debt concerns in U.S. and Europe along with inflation fears provide a good backdrop for gold."
At 7:14 a.m. on Thursday, gold futures gained 0.54 percent, an $8.10 climb to $1,507 per troy ounce.
"Trading is expected to be thin today and next week as market participants will be out" due to holidays, according to Tully. "The lack of liquidity means that gold may not be as orderly as it has been this week and we could see large price swings."
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