Gold rose to a 27-year high in London as the dollar slumped to a record low against the euro and oil traded at an all-time high, boosting bullion's appeal as a hedge
Gold rose to a 27-year high in London as oil traded at an all-time high of $92 per barrel and the dollar slumped to a record low.
Some investors view dollar-denominated gold as a hedge against further declines in the currency and inflation when energy prices surge.
Gold futures for immediate delivery rose as much as $9.20 to $778.50 an ounce, the highest since January 1980.
It traded at $776.78 an ounce as of 9:11 a.m. local time. The precious metal reached a record $850 an ounce in January 1980.
The dollar fell against the euro on speculation a slowing U.S. economy and finance industry losses will prompt the Federal Reserve to lower interest rates on Oct. 31.