Dhaka, Bangladesh (BBN)– Precious metals have been beneficiaries of the broadly weakening US$. Spot gold hit a fresh all-time high of US$1,364.60 an ounce and silver reached a new 30-year high as investors expected more Central Banks to ease monetary policy.
Gold futures for December delivery also hit a fresh record high at $1,366 an ounce. Oil prices hit a five-month peak near $83 a barrel on Tuesday, boosted by a slumping dollar after a Bank of Japan rate cut and by tanker disruptions because of a French strike and a closed Texan shipping route, according to reports.
Prices went up further during the end of the week as the dollar continued to loose its ground.
BBN/SI/AD-09Oct10-11:38 am (BST)