LONDON: Gold prices on Wednesday hit record highs nearing 1,183 dollars as a weak greenback and inflationary fears fuelled demand for the
precious metal, analysts said.
Prices also won support from a report that India was mulling the purchase of more IMF gold reserves, they added.
The precious metal hit 1,182.95 dollars an ounce in afternoon trade on the London Bullion Market, after striking a series of historic peaks in recent days and weeks.
Gold is setting new highs because of “the (weak) dollar … (and) also rumours (in the) Financial Chronicle that India is ready to buy more IMF gold,” VTB Capital commodities
analyst Andrey Kryuchenkov told AFP.
“1,200 dollars is still in sight, being the next target.”