NEW YORK (CNNMoney.com) -- Gold prices continued to push higher Tuesday, reaching another record high, amid ongoing concerns about the economy.
Gold futures for December delivery rose $9.70 to settle at $1,308.30 an ounce, topping Monday's all-time closing high of $1,298.60 an ounce
Gold is up 4.7% over the last month, and has gained more than 30% so far this year.The metal has hit a series of record highs in recent weeks, including a new all-time trading high of $1,311 an ounce earlier Tuesday.
I posted a news article too about how gold reached an all time high right before the $1,300 mark. It seems as though it has surpassed the $1,300 mark and as my article said, if it passes that mark, which it did, it will likely stay above that level for some time. The gold broke through the resistance level and now investors will feel confident enough to bid it even higher. I expect there to be more headlines in the future more than once stating that gold has hit a new record high again.
ReplyDeleteSince gold has been becoming increasingly more valuable every day, does this indicate that the dollar is also losing its value at the same time?
ReplyDeleteDoes the price of gold generally have an effect on the value of the dollar? If so, why?
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