PRECIOUS METALS: Gold Settles At Fresh Record Of $1,416.10

December 6, 2010

Monday, December 6, 2010   WALLSTREET JOURNAL-  

NEW YORK (Dow Jones)--Inflation concerns and euro weakness lifted gold prices to a fresh record settlement high Monday.

The most actively traded contract, for February delivery, settled up $9.90, or 0.7%, at $1,416.10 per troy ounce on the Comex division of the New York Mercantile Exchange. Gold's previous record settlement of $1,410.00 was set Nov. 9.

Investors rushed back into the gold market following Federal Reserve Chairman Ben Bernake's comments to CBS's "60 Minutes" Sunday. The Chairman said the Fed might increase its $600 billion so-called quantitative-easing program if necessary to prevent the economy from lapsing into a second recession.