Reuters – Gold prices closed at their highest in more than 24 years on Tuesday in a rally driven by inflation worries and by funds diversifying into commodities for bigger returns, dealers said.
The market recovered from a wave of investment fund profit-taking earlier in the day before rising late in New York trading on a renewed push by speculators toward higher prices.
Huge fund positions had made gold vulnerable to further corrections, but analysts saw no signs of an immediate end to a rally that had seen prices double in about five years.
