Summary Box: Gold sets record high as dollar weakens on expectations of Fed action
By APFriday, October 1, 2010
Summary Box: Gold sets record on weaker dollar
BETTING ON GOLD: Gold prices settled at a record high of $1,317.80 an ounce amid speculation that the Federal Reserve may take more steps to boost the economy. Many analysts believe the price could continue to rise.
DOLLAR AND THE FED: There is growing speculation the Fed will buy more government debt, which could wind up weakening the dollar even more by keeping interest rates low. Since commodities are priced in dollars, a weaker dollar makes them more attractive for overseas buyers.
OIL ON THE RISE: Oil prices a third day on mixed global economic news.
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