Gold rises, the dollar falls

2009-11-12 03:13:51 (GMT) (WiredPRNews.com - Money & Finance, News)

The price of gold reached a new high Wednesday as the dollar’s value fell.

New York (WiredPRNews.com) – The price of gold rose to new highs Wednesday as the value of the U.S. dollar fell to its lowest point in months. As reported by the Associated Press (AP), the price of gold per ounce jumped to $1,119.10 early in the trading day on the New York Mercantile Exchange and ended at $1,114.60.

As noted by the AP, the drop in dollar value may have been impacted by the Federal Reserve’s decision to maintain low interest rates for economic recovery purposes. Richard Sparks, senior equities analyst at Schaeffer’s Investment Research, is quoted by the AP as stating of the possibility of inflation despite the view of economists that it is not a threat, “There is this idea that inflation is inevitable.”

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