Precious metals inclined to new record highs above $1190 levels an ounce due to the decline in dollar, which known to have an inverse relationship with commodities, as it dropped to the lowest level in 17 years against majors, meanwhile fundamentals around the world came out cheerful from major economies around the world signaling for recovery.

The U.S economy released Income and spending reports that inclined above the median estimate of analysts throughout the month of October thus affecting investor's risk appetite to target the precious metal in the midst of news emerging from India of its intention to purchase gold from International Monetary Fund (IMF) in order to boost its reserves.

The IMF previously sold 200 tons of gold to India's Central Bank from the total 403 tons intended in the deal, therefore igniting gold prices which could help it to breach $1200 an ounce levels. Gold for immediate delivery opened at $1169.01 an ounce recording a high of $1191.62 an ounce and low of $1166.75 an ounce while currently trading at $1191.20 and rising, Data compiled at 15:02 EST