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N.Y. gold futures hit record high of $1,088+
NEW YORK, Nov. 3 (AP) - (Kyodo)—New York gold futures hit an all-time high of $1,088.50 an ounce Tuesday on the Indian central bank's purchase of gold from the International Monetary Fund.
Most-active gold for December delivery on the New York Mercantile Exchange's Comex division eclipsed the previous record high of $1,072.00, registered on Oct. 14.
The benchmark contract ended at $1,084.90, up $30.90 from the previous day.
The IMF has sold 200 tons of gold worth $6.7 billion to the Indian central bank as a way of expanding low-cost lending to developing countries.
The move spawned speculation that central banks of other countries will build up their gold holdings, sparking fund shifts into the gold market, market analysts said.
