Monday October 1, 09:33 PM
Gold in Asia rises to more than 27-year high
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By Agencies
Gold rose in Asia to more than 27-year high, as the dollar's decline to a record low against euro sparked demand from investors seeking an alternative investment. Gold for immediate delivery gained 2.29 dollar to 745.89 dollar an ounce, the highest since January 1980. Silver for immediate delivery gained 5 cents to 13.82 dollar an ounce. The US currency fell to a low of 1.4283 versus the euro today after posting the biggest monthly drop against the European currency in almost four years. Gold gained 10.4 per cent in September, the biggest rise in one month since April 2006. Bullion usually moves in the opposite direction to the dollar. In futures, the metal for December delivery rose 60 cents to 750.60 dollar an ounce on the Comex division of the New York Mercantile Exchange. The contract reached 752.80 dollar on September 28, the highest for a most-active contract since January 1980.
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