Gold Reaches New Record High as World Financial Future is Uncertain

Gold Reaches New Record High as World Financial Future is Uncertain

Gold rose to a record in London and New York as a weaker dollar and concerns about inflation and European debt boosted demand for the metal as an alternative investment. Silver climbed above $40 an ounce to a 31-year high.

The European Central Bank yesterday lifted interest rates for the first time in almost three years to quell inflation even as Portugal sought a bailout. The dollar slid to the lowest level since December 2009 against six major currencies. Gold, which typically moves inversely to the greenback, has climbed on fighting in Libya and Japan?s earthquake and tsunami last month.

Source: Gold Reaches New Record High as World Financial Future is Uncertain