Gold advanced to a record after the Federal Reserve pledged to keep interest rates near zero to bolster the recovery, weakening the dollar and boosting demand for precious metals as a store of value.
Immediate-delivery gold gained as much as 0.4% to $1,533 an ounce, and traded at $1,530.13 at 1:46 p.m. in Singapore. Bullion for June delivery in New York rose as much as 1.1%, $1,534, an all-time high, writes Bloomberg. MORE... Banks are misleading the public about how much money they are lending to small businesses, the business secretary said yesterday. MORE... About 80 bankers have pocketed $140m (£85m) for just 19 months spent managing a raft of toxic assets for Barclays that caused the high street lender to suffer hundreds of millions of pounds of losses. MORE...
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