Gold Breaches 1310 as QE2 Speculations Intensify

Expectations for QE2 once again intensified in the US upon receipt of weaker-than-expected economic data. The dollar tumbled against major currencies with the exception of sterling and Canadian dollar. Gold erased losses made earlier and staged a strong rise to a new record high of 1311.8 due to weakness in USD and worsened debt situation in Ireland. Crude oil fluctuated within a range of 75.53 and 77.12 but ended the day modestly lower. API's report on crude stock-build weighed on the price.

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Gold Breaches 1310 as QE2 Speculations Intensify