Gold rose in CFD´s Platforms

gold rose in CFD´s

Gold rose to a record for a second day in CFD´s Platforms as the dollar extended losses, increasing investor demand for the precious metal as an alternative to currencies. Silver extended a rally to a 30-year high.

Gold for immediate delivery climbed as much as 0.4 percent to an all-time high of $1,377.15 an ounce before trading at $1,376.20 at 9:16 a.m. in Seoul. Futures for December delivery also reached a record $1,377.90 an ounce on the Comex in New York.

Silver for immediate delivery increased as much as 1 percent to $24.2425 an ounce, the highest price since March 1980.

The dollar slipped for a third day against a basket of six major currencies and traded near a 15-year low against the yen on speculation that the U.S. Federal Reserve will ease monetary policy further to spur growth.

Goldman Sachs said gold will benefit from so-called quantitative easing as the Fed tries to boost growth. It forecast $1,650 an ounce in 12 months.

The Fed has kept its benchmark lending rate at zero to 0.25 percent since December 2008. Gold, which pays no interest, becomes a more attractive investment when borrowing costs decline.

The precious metal has gained 25 percent this year, on course for a 10th consecutive annual gain, the longest streak since at least 1920, Bloomberg data show.

Platinum for immediate delivery rose 0.4 percent to $1,715 an ounce and palladium climbed as much as 1.2 percent $602.63 an ounce.