BS: Price of gold soars as investors shun beleaguered US dollar
Gold prices have hit another all time high as investors look for a safe haven for their money.
Gold went through the $1,100 barrier to $1,107 per ounce in afternoon trading yesterday, up from $1,095 at the previous close.
The precious metal has become increasingly attractive as the US dollar continues to weaken and concerns over central bank policies resurfaced.
Growing demand from emerging markets, particularly in Asian markets such as India, is also helping to drive the price of gold up.
The dollar has fallen by around 13% against the pound this year, and by 7% against the euro.
The price surged to its new high following the G20 meeting at the weekend which discussed economic stimulus measures and reinforced the views that US interest rates are likely to remain low for some time.
That further lessened the appeal of the greenback to investors after it had already plunged on the back of figures late last week that showed US unemployment is at its highest level in 25 years.
Elsewhere on the markets the FTSE 100 gained almost 2%, powered by commodity stocks.
