The precious metal has gained $44 in just one week, after hitting record highs three days in a row; investors see gold as a solid hedge against inflationary threats.

Dollar hits 14-month low against euro

Concerns about the future of the US economy have brought the dollar to its lowest level in 14 months against the euro.

The value of the euro against the dollar increased to 1.4887 from 1.4852 in Asian trade -- the highest level since August 2008.

The American currency also fell to 89.90 yen from 89.67. The euro contracted to 132.36 yen from 133.30.

The losses are blamed for a slow-paced recovery in the world's largest economy.

"I think the euro rose against a backdrop of falling confidence in the US economic recovery," Marito Ueda, a dealer, told AFP.

"Recent US economic data were negative. Job numbers in particular have been slow to recover, disappointing investors," he added.

DB/SC/AKM
Source Press TV

The Dow Jones Industrial Average closed above 10,000 today for the first time in a year

Dow Breaks 10,000 Do not Get Caught Up in Euphoria Mish Warns

The Dow Jones Industrial Average closed above 10,000 today for the first time in a year, and more than a decade after first breaking the mark. Since hitting lows in March, the Dow is up an astounding 50%, while the S&P 500 has gained 60%.

Before you get your broker on the phone or start trading that dormant online brokerage account, take heed of this warning from Mike “Mish” Shedlock, the blogger behind MISH'S Global Economic Trend Analysis: "Five years from now, I think its quite likely the Dow is not going to be much more than 10,000," Mish says.