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N.Y. gold futures mark new record high of $1,096.50+
NEW YORK, Nov. 4 (AP) - (Kyodo)—New York gold futures hit a new all-time high of $1,096.50 an ounce Wednesday morning on speculation that some central banks will buy gold.
Most-active gold for December delivery on the New York Mercantile Exchange's Comex division eclipsed the previous record high of $1,088.50, posted Tuesday.
The benchmark contract stood at $1,092.70 at 11 a.m., up $7.80 from the previous day.
The International Monetary Fund 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 also buy gold, sparking massive buy orders for gold futures, market analysts said.
