Gold touches fresh high even as dollar rises

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Associated Press

Posted on October 7, 2009 at 5:14 PM

Updated Wednesday, Oct 7 at 5:14 PM

NEW YORK (AP) — Gold prices have extended their rally, climbing to fresh highs even as the dollar recoups some of its losses.

Oil prices are down after a government report showed an oversupply of gasoline, while grain prices are slightly higher.

Gold for December delivery touched a new high of $1,049.70 an ounce, before settling up $4.70 at $1,044.40 an ounce.

Investors have been sending gold higher as the dollar declines, fearing a weak greenback will eventually lead to inflation. Gold is often used as a hedge against inflation and a falling dollar.

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