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Gold further hikes on sagging U.S. dollar

04-29-2011 11:28 BJT

CHICAGO, April 28 (Xinhua) -- Gold futures on the COMEX Division of the New York Mercantile Exchange further hiked on Thursday, sending the historical record to a fresh high, as the U. S. Federal Reserve's stance on monetary policy pushed the U.S. dollar to its lowest in more than two years.

The most active gold contract for June delivery hiked 14.1 U.S. dollars, or 0.9 percent, to 1,531.2 U.S. dollars per ounce.

The U.S. Fed on Wednesday kept the relaxed monetary policy unchanged by leaving its key interest rate at a historic low range and continuing its 600 billion dollars of bond-buying program. Besides, Thursday's macroeconomic reports reinforced the necessity of a loosened monetary policy to prop up the economy.

Market analysts said that the Fed move is set to debase the value of U.S. dollar, which could strengthen the appeal of gold to investors holding other currencies.

The dollar index, which measures the U.S. currency against a basket of six other currencies, on Thursday fell to 73.114, the lowest level in more than two years.

Gold market has enjoyed ten hikes in the latest 11 trading days and the price has gained ten percent so far this year.

However, a trader said that the gold market is "not a bubble," and prices will continue to climb in the long term because global monetary policy is "out of sync" with the real economy.

Silver for May delivery gained 1.554 U.S. dollars, or 3.38 percent, to 47.541 dollars per ounce. July Platinum also climbed 20.7 dollars, or 1.14 percent, to 1839.9 dollars.

 

Editor:Du Xiaodan |Source: Xinhua

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