Gold Futures Rise to Record on Demand for Currency Alternative
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Gold rose to a record for the 15th time in the past month as the slumping dollar boosted investor demand for the metal as an alternative investment. Silver extended a rally to the highest level since 1980.
The dollar slipped for a second day and was near a nine-month low against a basket of six major currencies on speculation that the Federal Reserve will ease monetary policy further to spur growth. Goldman Sachs Group Inc., UniCredit SpA and Citigroup Inc. raised their gold forecasts in the past week, before prices reached $1,375.70 an ounce today in New York, the highest ever.