Gold inched up on Wednesday and held near a record high hit in the previous session, with the U.S. dollar under pressure from expectations the Federal Reserve would take new measures to shore up the economy.
Silver hit a 30-year high as ETF holdings jumped to another record, palladium rose to a five-month high to track higher base metals prices, while a firm yuan raised hopes of more buying from gold consumers in China.
The Fed is likely preparing a fresh round of quantitative easing measures to announce at the end of its November 2-3 meeting, a report by influential hedge fund adviser Medley Global Advisors said on Tuesday, a source told Reuters.
Gold added $1.60 an ounce to $1,309.00 an ounce by 0324 GMT after rising as high as $1,310.10 an ounce on Tuesday -- its eighth record-high session this month.
"We are on a bullish mood. The economy in the U.S. is weak and the Fed will be launching some more rescue packages. The appreciation of the yuan causes some people in mainland China to buy a bit of gold," said Ronald Leung, director of Lee Cheong Gold Dealers in Hong Kong.
"Silver is cheaper is compared with gold. Even at $25, it is still cheap. I would say silver still attracts some buying. The industrial side has to buy."
London silver fix price reached $25 in September, 1980, according to The Silver Institute, a U.S.-based industrial group Silver's main sources of demand are for use in industrial applications such as semi-conductors and jewelry.
The world's largest silver-backed exchange-traded fund, the iShares Silver Trust, said its holdings rose to a record high of 9,756.04 tonnes by Sept 28 from 9,613.02 tonnes on September 24.
Asian stocks hit a two-year high and the dollar was stuck near a seven-month low after poor U.S. data reinforced expectations the Fed will take more action to help the struggling economy.
The yuan rose to its highest level since the Chinese currency's July 2005 revaluation amid lingering pressure from Washington on Beijing to let the yuan appreciate.
U.S. gold futures for December delivery rose $2.2 an ounce to $1,310.5 an ounce, not far from Tuesday's record at $1,311.80.
"Add federal budget deficits exceeding $1 trillion a year for several years to come, and an economy that can't produce enough to sustain Barack Obama's appetite to tax and spend, and investors are simply smart to short the dollar by loading up on gold," said University of Maryland business school professor Peter Morici.
"That's why gold is $1,300 an ounce!," he said in a note.
The world's largest gold-backed exchange-traded fund, SPDR Gold Trust (GLD.P), said its holdings rose to 1,305.688 tonnes by Sept 28 from 1,300.521 tonnes on Sept 24. The holdings hit a record at 1,320.436 tonnes on June 29.
The physical market lacked activity, but premiums were steady at 50 to 80 cents to the spot London prices in Singapore and also at 80 cents in Hong Kong. Source: Reuters
Silver hit a 30-year high as ETF holdings jumped to another record, palladium rose to a five-month high to track higher base metals prices
The Fed is likely preparing a fresh round of quantitative easing measures to announce at the end of its November 2-3 meeting, a report by influential hedge fund adviser Medley Global Advisors said on Tuesday, a source told Reuters.
Gold added $1.60 an ounce to $1,309.00 an ounce by 0324 GMT after rising as high as $1,310.10 an ounce on Tuesday -- its eighth record-high session this month.
"We are on a bullish mood. The economy in the U.S. is weak and the Fed will be launching some more rescue packages. The appreciation of the yuan causes some people in mainland China to buy a bit of gold," said Ronald Leung, director of Lee Cheong Gold Dealers in Hong Kong.
"Silver is cheaper is compared with gold. Even at $25, it is still cheap. I would say silver still attracts some buying. The industrial side has to buy."
London silver fix price reached $25 in September, 1980, according to The Silver Institute, a U.S.-based industrial group Silver's main sources of demand are for use in industrial applications such as semi-conductors and jewelry.
The world's largest silver-backed exchange-traded fund, the iShares Silver Trust, said its holdings rose to a record high of 9,756.04 tonnes by Sept 28 from 9,613.02 tonnes on September 24.
Asian stocks hit a two-year high and the dollar was stuck near a seven-month low after poor U.S. data reinforced expectations the Fed will take more action to help the struggling economy.
The yuan rose to its highest level since the Chinese currency's July 2005 revaluation amid lingering pressure from Washington on Beijing to let the yuan appreciate.
U.S. gold futures for December delivery rose $2.2 an ounce to $1,310.5 an ounce, not far from Tuesday's record at $1,311.80.
"Add federal budget deficits exceeding $1 trillion a year for several years to come, and an economy that can't produce enough to sustain Barack Obama's appetite to tax and spend, and investors are simply smart to short the dollar by loading up on gold," said University of Maryland business school professor Peter Morici.
"That's why gold is $1,300 an ounce!," he said in a note.
The world's largest gold-backed exchange-traded fund, SPDR Gold Trust (GLD.P), said its holdings rose to 1,305.688 tonnes by Sept 28 from 1,300.521 tonnes on Sept 24. The holdings hit a record at 1,320.436 tonnes on June 29.
The physical market lacked activity, but premiums were steady at 50 to 80 cents to the spot London prices in Singapore and also at 80 cents in Hong Kong. Source: Reuters
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