Gold prices are climbing as the dollar falls. The
Financial Times reports that Gold prices climbed to $752.80 an ounce - the highest price for gold since January 1980.
The dollar hit a record low against major currencies and gold reached a 27-year high on Friday as investors ignored data suggesting that inflation moderated last month.
Analysts said the prospect of rate cuts by the Federal Reserve and stronger growth outside the US was weighing on the dollar and boosting commodities.
"The Fed's rate cuts have a specific driver - growth risks for the US economy," said Naomi Fink, senior currency strategist at BNP Paribas.
A
USA Today article about today's new gold record has a chart that shows how investors have been seeking shelter in gold over the past two months.
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