Gold touches new historic peak

Gold prices - both spot and futures - touched new all-time highs in New York, as persistent worries about the health of the key economies such as the US, Euro-zone and Japan continued to drive investors to safe havens like precious metals. Silver traded near a 30-year high and platinum rose to the highest level in more than four months. The dollar headed for a third weekly drop against the euro amid speculation that the Federal Reserve will take additional steps to shore up the faltering US recovery. Gold futures for December delivery added as much 0.7% on Friday, to US$1,319.30 an ounce on the Comex in New York. Bullion for immediate delivery in London reached US$1,317.42. Spot gold prices rose 5.3% in the third quarter, the eighth quarterly gain in a row and the best streak since 1979.




Gold, up 20% this year, is heading for its 10th consecutive annual gain, the longest winning streak since at least 1920 in London. It has outperformed global equities, Treasuries and most industrial metals, prompting record investment in gold-backed ETPs. Silver for December delivery in New York touched US$22.125, the highest level since October 1980. Futures posted a seventh quarterly advance in the third quarter, the best streak since at least 1975. The metal reached an all-time high of US$50.35 an ounce in New York in 1980. Platinum for January delivery climbed to US$1,684.90 an ounce, the highest level since May 18. Palladium for December delivery rose to US$582.65, the highest price since March 2008.