Gold Skyrockets on USD

Source:

"Gold priced in euros has risen to a new all-time high. . ."

Gold is proving to be a popular buy on the markets versus the major American and European currencies.

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.

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