Gold charges above $1,300

Gold catapulted to a new high yesterday charging above $1,3000 an ounce for the first ever time.

After a weak start to the session gold for December delivery rose $9.70 to settle at $1,308.30 an ounce on the Comex division of the New York Mercantile Exchange. Gold traded between $1276.20 and $1311.80 an ounce. Expectations that the Federal Reserve will have to pour more money into the US economy helped demand for the yellow metal after weaker than expected US consumer confidence. Further pressure on the dollar also helped push bullion to its fresh record high. Crude oil futures settled lower on Tuesday, tracking initial weakness among US equities and then recovering as the Dow...