Gold Skyrockets on USD
Source: NASDAQ (4/7/10)
"Gold priced in euros has risen to a new all-time high. . ."
XAU/USD has recovered from a daily low at $1,122 and exploded to set a high not seen since March 8 at $1,135.
Gold is also reaping gains on the renewed weakness of the euro to hit an all-time high versus the common currency at $840/oz and has pushed the pound to £742/oz.
"Gold priced in euros has risen to a new all-time high above $839 an ounce this morning due to renewed concerns about Greece's fiscal position," writes the GoldCore Bullion Services Team, which also sees a rise in price of gold versus the pound.
"Gordon Brown's election announcement and the prospects of a hung parliament will likely see sterling come under renewed pressure in the coming weeks and should see sterling gold rise to new record (nominal highs) near £760/oz - from £742/oz today," they conclude.