“Gold rose above $1,500 an ounce to a record in New York and London as a weaker dollar and concern about debt and faster inflation spurred demand for an alternative investment. Silver reached a 31-year high.
The dollar slipped as much as 1 percent against six major currencies, trading at a 16-month low, while a U.S. gauge of trader inflation expectations approached the highest level since 2008. Gold, which typically moves inversely to the greenback, has climbed this year as unrest in the Middle East and North Africa and Europe’s debt crisis boosted demand.” Read more.
“Gold Rises Above $1500 to a Record on Slumping Dollar, Inflation Concern”
Bloomberg, April 20, 2011.