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Gold soars to record high
Published in Saudi Press Agency on 18 - 11 - 2009

Gold prices hit a record high and oil and stock prices around the world rose on Wednesday, while the dollar eased off ahead of U.S. inflation data and minutes from the Bank of England"s November meeting. World shares, as measured by the MSCI world equity index, edged up near their highest of 2009 hit at the start of the week, while gold rallied to $1,145.95 per ounce, its strongest-ever level, Reuters reported.
The dollar slumped against a currency basket, restrained by the ongoing belief that the Federal Reserve will keep the Fed funds rate at essentially zero, keeping the returns on dollar-denominated assets low for some time to come.
European shares rose in early trade on the back of rising bank stocks approaching their highest level in more than a year hit on Monday. Asian stocks had risen earlier in the day, and analysts said expectations for ongoing low rates would keep demand for shares intact.
"Our expectation is that we can add to these gains ... The interest rate environment is very friendly," said Henk Potts, equity strategist at Barclays Stockbrokers. The MSCI all-country world equity index rose 0.3 percent, hovering near its highest level since September 2008, which it hit on Monday. The index has rallied roughly 75 percent from a trough in March.
Spot gold rose was up around half a percent on the day, having rallied nearly 10 percent so far this month.
U.S. crude oil rose 0.7 percent, extending gains into a third day.
The FTSEurofirst 300 index rose a quarter of a percent to a few points below its highest level since October last year.
The index is up around 24 percent in 2009 and has surged 60 percent since hitting a record low in March.
Emerging stocks rose 0.4 percent on the day.


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