Gold Hits New USD, Euro & GBP Records; Remains “Sound, Defensible” Bet as IMF Urges Extended Stimulus

By Adrian Ash, GoldSeek

London Gold Market Report

THE PRICE OF GOLD rose against all major currencies early Monday in Asia, recording fresh all-time highs against the US Dollar, British Pound and Euro.

This morning’s London Gold Fix – used as a clearing and benchmark price, and set today at $1166.00, £702.41 and €778.53 per ounce – stood 293%, 284% and 171% higher respectively from this time 10 years ago.

The gold price in Japanese Yen hit its best level since Aug. 1983, rising above ¥3330 per gram.

“Sentiment is very upbeat and gold is looking increasingly attractive,” says Stefan Graber, an analyst at Credit Suisse.

“It looks like $1200 will be seen much sooner than expected,” reckons Afshin Nabavi at MKS Finance, a division of the Swiss refiners, also speaking to the BBC.

“The market would like to see $1200 today,” notes a London dealer, “with [the volume of] open interest in Comex December $1200 gold calls sitting at 28,018.”

The Dec. options contract expires after tonight’s New York close. New data from US regulator the CFTC showed late on Friday that the total number of gold futures and options contracts reached an all-time record high last week.

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