Gold Extends Strength Above 1100

09 November 2009 @ 09:52 am EDT

Gold price continues to rise to uncharted region on Monday. Currently trading at 1109.3, the benchmark contract is mainly buoyed by weakness in the dollar. Rajat Nag, managing director of Asian Development Bank forecast that the dollar may lose its status as the dominant reserve currency in 20-30 years. 'India's move to buy gold is a reflection that the Reserve Bank of India is thinking of diversifying its reserves...Over time, central banks should start to look at a mix of euro, yen, RMB and possibly the Indian rupee'.

Oil and Gold Reports contributed by Oil N' Gold

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