FXstreet.com (Córdoba) - Gold prices rose after the opening bell at Wall Street to a new record high at 1,134.77 an ounce. Currently is holding above 1,131 and trades with a gain of 1.15% for the day. Gold is rising on Monday for the sixth time out of the last seven days. Crude oil is also posting important gains. The barrel is rising 2.70% and trades above $78.
James Hyerczyk, analyst at ForexHound.com, comments: The weaker Dollar is helping to drive December Gold higher overnight. Since gold is priced in Dollars, the decline in the Dollar is making it more appealing to foreign investors. Keep in mind that the higher this market goes, the wider the ranges. Watch for volatility to continue to expand.
The Oil N' Gold Team proyects that the price of gold could rose to 1,258 if it manages to hold above 1,101.