Gold futures rose to a record for the third straight day on bets that the dollar will extend a slump, enhancing the allure of the metal as an alternative asset. Silver headed for the biggest monthly gain in 28 years.
The greenback headed for the fifth consecutive monthly decline against a basket of six major currencies. The Federal Reserve signaled this week that borrowing costs will remain at a record low for an extended period. Gold headed for the biggest monthly gain since November 2009.
Gold futures for June delivery rose $12.80, or 0.8%, to $1,544 U.S. an ounce late Friday morning on the Comex in New York. Earlier, the price reached a record $1,545.90 U.S. The metal has gained more than 7% this month.
Gold for immediate delivery climbed as much as 0.6% to an all-time high of $1,544.90 U.S.
Assets in the SPDR Gold Trust, the biggest exchange-traded fund backed by gold, have expanded 1.5% this month, heading for the biggest gain since August.
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