Gold hits record near $1,200/oz as dollar slips
Gold hit record highs near $1,200 an ounce as the weak dollar fuelled buying of the metal
Gold: Gold hit record highs near $1,200 an ounce on Tuesday as the weak dollar fuelled buying of the metal.
Spot gold hit a peak of $1,198.70 an ounce and was bid at $1,194.90 an ounce at 1021 GMT, against $1,179.10 late in New York on Monday.
US gold futures for February delivery on the COMEX division of the New York Mercantile Exchange also hit a record $1,200.50 an ounce and were later up $13.70 at $1,196 an ounce.
The dollar index, which tracks the US currency's performance against a basket of six others. The dollar also pared gains against the yen after comments from the Bank of Japan on monetary policy.
Weakness in the dollar boosts gold's appeal as an alternative asset and makes dollar-priced commodities cheaper for holders of other currencies.
