Gold Hits New Record, Copper Rises

Published on Monday, 23 November 2009 08:20 Written by Christopher Lynn

London, Nov 23 (TradersHuddle.com) – Gold reached another record high in London, busted by Dollar weakness, which increases the appeal of the precious metal as an alternative investment.

Gold for immediate delivery climbed as much as $17.28, or 1.5%.

Other metals also rose, Copper futures rose 2.4%, along with other commodities including crude oil, on bets that the global economic recovery will gain momentum and boost demand.

Freeport-McMoRan (NYSE:FCX) will be the stock to watch in U.S. trading as it will benefit from both higher gold and copper prices. Newmont Mining, (NYSE:NEM), the largest gold producer will probably receive an early boost from the bullion’s new record high.