Gold Reaches Record High

By Epoch Times Staff
Epoch Times Staff
Epoch Times Staff
November 5, 2010 Updated: November 5, 2010
 (Yoshikazu Tsuno/AFP/Getty Images)
(Yoshikazu Tsuno/AFP/Getty Images)

The price of gold soared past its already high level to a new record high on Thursday, with gold futures reaching as much as $1,380 per ounce Thursday afternoon on the heels of the Federal Reserve’s announcement that it would inject more than $600 billion into the U.S. economy.

The Fed’s action may further devalue the U.S. dollar currency, experts predict. Investors will likely increase their holdings of gold, which is deemed a hedge against inflation.

The commodities market has rallied all year as the U.S. economic recovery remains tenuous and investors looked for a safe haven outside the stock market.

The dollar slid to an 11-month low on Thursday against a basket of commonly traded currencies.