Gold Made New High as Market Speculates Central Banks' Diversification to the Yellow Metal

04 November 2009 @ 10:38 am EDT

Gold rallied to a record high Tuesday as IMF's gold sale to India boosted market sentiment. The benchmark contract for the yellow metal surged to 1088.5 before settling slightly lower at 1084.9. The contract gained +2.9% for the day. Weakness in stock markets amid credit concerns and decline in USD ahead of the 2-day FOMC meeting were also reasons driving gold higher yesterday. Today in Asia, gold price retreats to 1081 on profit-taking.

Oil and Gold Reports contributed by Oil N' Gold

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