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Gold futures on the COMEX Division of the New York Mercantile Exchange hiked to a new high for the second day in a row on Wednesday, fueled by a sagging dollar. Silver also advanced further to push the 30-year record to a new high.
The most active gold contract for December delivery gained 7.4 dollars,nfl jerseys, or 0.55 percent, to close at 1,347.7 dollars per ounce.
The U.S. dollar index on Wednesday continued its falling momentum, shedding 0.48 percent to 77.43,Tiffany Jewelry, while the euro was up 0. 75 percent against the dollar. The drastically depreciated dollar has pushed investor to precious metal market.
The private sector lost 39,000 jobs from August to September on a seasonally adjusted basis, according to the most recent ADP report. The disappointing number is likely to prompt the U.S. Federal Reserve to pump more currency to spur the flagging economy.
Morgan Stanley freshly revised its estimate for the price of gold in 2011 to the upside, saying "the accelerating weakness in the U.S. currency, driven by fears of renewed quantitative easing to confront sluggish U.S. growth, is proving to be a boon to commodity markets."
The firm predicted that gold price would average 1,315 dollars per ounce in 2011 in its "base case" and 1,512 dollars in "bull case."
Gold has touched all-time highs in eight of the last 10 trading sessions.
Meanwhile, other metals also saw bullish sentiments. December silver climbed 30.6 cents, or 1.35 percent, to 23.043 dollars per ounce. January platinum added 11.3 dollars, or 0.66 percent, to 1, 712 dollars per ounce.