Gold Climbs to Record as Bernanke Maintains Stimulus, Dollar Extends Drop

Bloomberg reports that demand for precious metals rose after the Federal Reserve pledged to keep interest rates near zero to bolster the recovery.

The market news is quoted as saying,

Gold futures in Shanghai rose to a record 318.56 yuan ($48.98) per gram. Cash silver strengthened 0.6 percent to $48.1313 an ounce, gaining for a second day and approaching the record $49.79 reached on April 25. Palladium was little changed at $768.75 an ounce, while platinum fell 0.3 percent to $1,821 an ounce.

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