Gold sets record on dollar, futures hit $1,000
LONDON (Reuters) - Spot gold prices hit an all-time peak in Europe on Thursday as a dollar slump and inflation fears prompted investors to look for safe-haven assets.
Spot gold rose as high as $999.90 an ounce and was at $991.00/991.80 at 2:15 p.m EDT (1815 GMT), compared with $981.90/982.70 late in New York on Wednesday.
This sparked buying of U.S. gold futures, which extended a record-breaking advance across the $1,000-an-ounce threshold. Analysts said spot prices could soon reach that level as well.
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I included this article because the world is losing faith in the US dollar and investors are looking for a safe haven to place their money. In uncertain times, hard assets (i.e. things you can touch) outperform paper assets (stocks, bonds, mutual funds). Generally speaking, the worldwide trend is towards hard assets such as gold, silver, uranium, oil and real estate.