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Gold is climbing in London and New York. A dollar decline could boost a record demand in investment through exchange-traded products, reports Bloomberg.
For the first time in three sessions the US dollar has fallen. Gold bullion investment usually moves inversely to the dollar as investors seek and alternative to fiat currencies. Gold assets in ETPs rose to a record 2,114.6 metric tons yesterday according to Bloomberg.
Gold bullion gained 0.2 per cent, to US$1,388.27 (just under £900) an ounce this morning in London. Gold Bullion is up 0.2 per cent to US$1,389.10 an ounce in New York on the futures market for February.
Overall, the gold bullion bull market shows no signs of abating. Gold is up in price by 27 per cent this year alone and heading for a 10th annual gain. Worries about the European sovereign debt crisis and US quantitative easing damaged the currencies market and upped demand for gold bullion.
Bloomberg also predicts that gold bullion will reach US$1,550, an astonishing £1000 by September 2011. Silver and other precious metals; palladium and platinum, are also performing very well.
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