By Myra P. Saefong, MarketWatch
TOKYO (MarketWatch) -- Gold futures climbed above $1,190 an ounce in electronic trading on Globex late Friday morning in Asia, with traders closely watching the precious metal's potential to reach another record level as the U.S. dollar weakened further.
Gold for December delivery was up $4 at $1,191 an ounce on Globex by late morning in Tokyo. It climbed as high as $1,195 so far during the current Globex session, matching a record high from electronic trading on Thursday.
The contract gained 1.8% Wednesday on the Comex division of the New York Mercantile Exchange. Trading on the exchange was closed Thursday for the Thanksgiving holiday.
Dollar weakness "could spark renewed buying in both crude and gold" and may even lift gold futures to the $1,200 level Friday in New York, said Darin Newsom, a senior analyst at Telvent DTN. See Futures Movers story on oil.
The dollar plunged below 85 yen to a fresh 14-year low in Asia, boosting gold's appeal as a safe-haven investment.
News on Wednesday that the International Monetary Fund sold 10 metric tons of gold to the Central Bank of Sri Lanka for $375 million also continued to add support to the gold market. Read full story on gold futures.
