Gold Prices Hit Record High

MATTHEW WALLS
Wall St Journal
Tuesday, Dec 1st, 2009

Spot gold jumped to a record high Tuesday as the dollar weakened and worries over Dubai's debt woes eased.

The recovery in risk appetite since Dubai World's debt restructuring announcement last Wednesday continued apace, as the Bank of Japan said it would ease monetary policy and the Reserve Bank of Australia raised interest rates for the third consecutive month.

Spot gold rallied to a high of $1,199.25 per troy ounce, a gain of 1.7% on the day before pulling back. At 1009 GMT, spot gold was trading at $1,194.30 an ounce. Comex February gold futures briefly breached $1,200/oz, reaching a high of $1,200.50 before retreating to $1,196.60 an ounce, up 1.2% on the day. The euro was at $1.5068, versus $1.5005 at 0000 GMT.

"It's probably a combination of what's happening in Japan, and the Dubai World situation seems to have calmed down a little bit," said Mitsubishi Corp. analyst Tom Kendall.

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