Gold hit a record in Asian trade on Monday, rising to $451.50 an ounce
Gold hit a record in Asian trade on Monday, rising to $451.50 an ounce, the highest level of the year, as uncertainty over the future of U.S. interest rate rises triggered buying from investors, Reuters reported.
Profit-taking later erased some of gold's gains but some dealers said the metal was gaining strength and was likely to climb past the December 2004 peak of $456.75 an ounce. Anything above the December peak would bring gold to its highest level in 17 years.
Spot gold was quoted at $450.25/450.75 an ounce in afternoon trade, higher than $448.90/449.60 an ounce last quoted in the U.S. market on Friday.