Tuesday, October 06, 2009

The Dollar Ditch

clipped from news.yahoo.com

LONDON (AFP) –
The price of gold struck an all-time high Tuesday as the dollar fell on a news report of a plan by Gulf states to stop using the greenback for oil trading.


Gold hit 1,045.00 dollars per ounce on the New York Mercantile Exchange in late trades.


Hours earlier on the London Bullion Market, gold surged to 1,043.78 dollars beating the previous record high of 1,032.70 dollars an ounce struck in March, 2008.


Barclays Capital precious metals analyst Suki Cooper said dollar weakness appeared to be related to reported secret talks about oil being priced in a basket of currencies including gold rather than the dollar,