Gold Prices Hit Record High Monday

Gold prices have soared this year — largely because the U.S. dollar has gotten weaker. Investors have been looking at gold as a better bet than the dollar. And the expectation is that the dollar will stay weak because of low U.S. interest rates. That means investors — including governments — will likely continue pouring their money into the gold market.

Copyright © 2009 NPR. For personal, noncommercial use only. See Terms of Use. For other uses, prior permission required.

RENEE MONTAGNE, host:

NPR's business news starts with gold more precious by the day.

(Soundbite of music)

MONTAGNE: Gold prices hit a record high today. Future's contracts for the precious metal traded at $1,167 an ounce. It could hit $1,200 more quickly than some traders were expecting. Gold prices have soared this year, largely because the dollar has gotten weaker. Investors have been looking at gold as a better bet than the dollar. And the expectation is that the dollar will stay weak because of low U.S. interest rates. That means that investors, including governments, will likely continue pouring money into the gold market.

Copyright © 2009 NPR. All rights reserved. No quotes from the materials contained herein may be used in any media without attribution to NPR. This transcript is provided for personal, noncommercial use only, pursuant to our Terms of Use. Any other use requires NPR's prior permission. Visit our permissions page for further information.

NPR transcripts are created on a rush deadline by a contractor for NPR, and accuracy and availability may vary. This text may not be in its final form and may be updated or revised in the future. Please be aware that the authoritative record of NPR's programming is the audio.

Comments

 

Please keep your community civil. All comments must follow the NPR.org Community rules and terms of use, and will be moderated prior to posting. NPR reserves the right to use the comments we receive, in whole or in part, and to use the commenter's name and location, in any medium. See also the Terms of Use, Privacy Policy and Community FAQ.