Gold Price Briefly Hits $1,100

The yellow metal reached another all-time high today (November 6th), topping $1,100 per ounce for the first time ever as investors continued to shy away from the dollar.

Gold futures for December delivery rose $6.40, or 0.6 percent, to $1,095.70 on the Comex division of the New York Mercantile Exchange, climbing for the fifth straight day. The price has gained 24 percent this year.

This week, gold gained 5.3 percent, the most since April, after India said it purchased 200 metric tons of gold from the International Monetary Fund last month.

Plush London department store Harrods last month surprised the retail industry by starting to sell gold bars, with prices fluctuating according to the current market price.

Analysts described a choppy trading session in which an uptrend continued to attract momentum-based buying, yet with pockets of selling by some traders to book profits on positions in which they previously bought at lower prices.

With the Fed maintaining interest rates at historic lows of between zero and 0.25 percent this week, commentators such as Mr. Pawlicki are predicting further woes for the greenback.

Do you have any gold jewelry you never wear because it’s outdated or broken?

Well, dig it out because the precious metal might cover your next mortgage payment or help ease the financial shock of holiday shopping.

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