Gold New High on Fed's QE2 Speculations

Gold broke a new record yesterday as USD slumped amid speculations that the Fed will implement a more aggressive QE program by the end of the year. Comex futures of the yellow metal rallied to as high as 1276.5 before settling at 1271.1, up +1.97%. Others in the precious metal complex also jumped with silver, platinum and palladium gaining +1.39%, +2.87% and +3.29% respectively at close. Crude oil, however, was pressured as the 6A CA/US pipeline which was shut down due to a leak last week may resume operations soon and API reported increase in crude stockpile.

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Gold New High on Fed's QE2 Speculations