Updated from 1:20 p.m. EST
As the stock and Treasury markets struggled Wednesday, gold was hitting new highs again. Gold for February delivery traded at $518.20 an ounce intraday, its highest level since February 1983, before closing up $3.70 at $517.50.
Once again, the yellow metal's advance is happening as the dollar is gaining. A stronger greenback normally weakens the price of gold, which is priced in dollars, as it takes less money to buy the same amount of gold.
The dollar was rising amid expectations that the Federal Reserve will hike rates again next week. Meanwhile, the European Central Bank has dampened expectations of a follow-up to its Dec.1 rate hike. Japanese Prime Minister Junichiro Koizumi said overnight that it is too early for the Bank of Japan to abandon its zero-rate policy. ...
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| Dow Jones | S&P 500 | NASDAQ | 10-Year Note | |
|---|---|---|---|---|
| 10,388.90 | 1,105.98 | 2,194.35 | 34.83 |
Oil *
77.74
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|
UP
22.75
|
UP
6.06
|
UP
21.21
|
UP
1.03
|
10 Yr
3.48%
SPDR Gold
113.75
|
|
+0.22%
|
+0.55%
|
+0.98%
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+3.05%
|
Data delayed 20 minutes |
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