Daily Gold Update

Source: Marketwatch

New York— Gold futures climbed to a fresh record above $1,200 an ounce Tuesday, as the dollar weakened and as the world's largest gold miner eliminated all of its gold hedges, showing confidence in a rising gold price. The dollar continued its slide as worries over Dubai's debt woes eased, pushing up dollar denominated commodities prices. Barrick Gold Corp. said it has eliminated its gold hedges ahead of schedule and now has full leverage to the gold price.

Gold for December delivery rose as high as $1,202.70 an ounce. The front-month contract ended up $18, or 1.5%, at $1,199.10 an ounce on the Comex division of the New York Mercantile Exchange. Gold ended November trading with one of the biggest gains in 10 years, up 13%. Futures only saw two losing sessions last month. "The familiar formula of a weaker dollar, high volume, and higher equities still brings new buyers every day," said George Gero, a precious-metals trader for RBC Capital Markets, adding that Barrick's elimination of hedges helped present a bullish view. See full story.