The price of gold soared today as gold futures for December delivery leaped up to $1,119.10 an ounce on the New York Mercantile trade.
As the dollar drops, gold, along with other commodities, continues to rise: gold’s latest advance came as the dollar fell with the Federal Reserve’s news of an extended low interest rate policy. Such low rates weaken currencies and incite investors into putting money into higher-yielding assets. In addition, gold is used as a hedge against the falling dollar and inflation.
Compared to the tiny 5.5 percent increase in gold price in 2008, gold prices are now up 26 percent year-to-date.
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