Gold hit a record high on Friday for the third time this week as poor U.S. consumer confidence and market talk of more quantitative easing helped the alternative asset score its biggest weekly gain since May. Spot gold fetched $1,275.50 an ounce at 3:11 p.m. EDT (2011 GMT), compared with $1,272.20 late in New York on Thursday. It has gained more than $100, nearly 9 percent, since the start of August. Covering gold's rally, silver has gained 5 percent this week, double the yellow metal's 2.5 percent increase. Spot silver was up 0.1 percent at $20.74 an ounce from $20.72 in New York on Thursday. The metal received a boost from data showing Thailand raised its gold holdings by a fifth in July through open-market purchases, joining a growing list of Asian nations diversifying into gold amid volatility in other markets. Silver rose to just below $21 an ounce, approaching levels not seen since 1980 as gold's rally triggered further investor speculation that the white metal wo...
broadcasting latest, informative, in depth and significant news with untold stories for you.