Gold hits a record as greenback loses luster

LONDON: Gold hit a record high at $1,167.35 an ounce yesterday as dollar weakness pushed the metal through key technical resistance levels, fuelling momentum buying after the metal's sharp run higher earlier this month.

Spot gold was bid at $1,165.55 an ounce at 0800 GMT, against $1,148.20 late in New York on Friday. US gold futures for December delivery on the COMEX division of the New York Mercantile Exchange rose $19.20 to $1,166.00 an ounce.

Afshin Nabavi, head of trading at MKS Finance in Geneva, said the metal's rise through technical stops had triggered fresh buying.