Gold prices hit an all-time high above $US1400 an ounce on the back of the U.S. Federal Reserve's bond buying programme.Gold has risen almost 6% since just before the Federal Reserve detailed its plans last Wednesday to buy $US600 billion worth of Treasu
Gold prices hit an all-time high above $US1400 an ounce on the back of the U.S. Federal Reserve's bond buying programme.
Gold has risen almost 6% since just before the Federal Reserve detailed its plans last Wednesday to buy $US600 billion worth of Treasuries to revive the flagging U.S. economy.
"As long as (investors) feel like there is no other recourse except buying precious metals, gold is going to keep going up," said Miguel Perez-Santalla, vice president of sales at Heraeus Precious Metals Management said in a Reuters report.
Overnight, the spot gold price hit a record at $US1,407 an ounce and U.S. December gold futures climbed $US7.30 an ounce to $US1,405.
Underlying support helped lift the metal after comments from World Bank president Robert Zoellick in the Financial Times calling for leading economies to consider a modified global gold standard.
With the U.S. intent on printing money to overcome its economic problems, analysts have been picking gold prices will break $US1500 an ounce by the year’s end.
