Gold prices top a nine-year high amid a gloomy outlook for the world economy, a decline in interest rates and rising tensions between the U.S. and China
Gold prices zoomed to a record for the first time in nine years Monday, as a weakening dollar injected new momentum into a rally driven by uncertainty about the world economy.
Futures contracts for delivering gold in August shot up 2% to $1,936.30 a troy ounce, topping the previous intraday peak of $1,923.70 from September 2011. The advance put gold futures on course to rise for the seventh consecutive trading day, which would be the metal’s longest winning streak since February.
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